More Rent2buy units made available - 5 developments by Asrin and 2 in Bredasdorp

Asrin Property Developers released a few Rent2buy units to buy in their developments located in Cape Town, Tokai, Somerset West, Ottery and Wynberg.

OPENING THE DOOR FOR BUYERS

We realized we need to assist buyers to get their foot on the property ladder.

Facilitating a sale transaction through the Rent2buy concept, once pre-approved & paid the standard rental deposit, a buyer can move into the apartment selected, pay rent and then have a choice of 2 rent2buy structures, how to purchase and own the apartment.

DEPOSIT BUILDER & PRICE FREEZE

The buyer pays rental that is similar to a home loan repayment.

This structure assists the buyer all along the way:

The first bonus is that the purchase price is frozen for 12 months.
The second bonus for the buyer is that a portion of the rental is allocated towards a deposit builder.

This means after 12 of Rent2buy, the buyer will have a deposit to put down when applying for a home loan.

The deposit builder will be structured according to the financial ability of the buyer,” says Rehana Moosa, head of marketing and sales at Asrin.

Working with Meyer de Waal, a conveyancing attorney of MDW INC, who fine-tuned and developed the Rent2buy concept since 2007, buyers now have the unique opportunity to get their foot in the door to secure their own property through this concept.

“In 2007 the property industry went through a turmoil when the National Credit Act was implemented, and financial institutions “closed down the taps” to approve home loans.

In 2007 we started the Rent2buy concept.

In 2023 we experience a similar situation with consumers still bearing scars from Covid 19, ever increasing interest rates, load shedding and the day-to-day cost of living.

Minor debt issues:
- Many buyers have small ‘scratches” on their credit scores and then their home loan is declined, although they have the affordability to pay back a home loan instalment.

Self-employed buyers
- Many buyers are self-employed and often do not have all their financial supporting documents in place in time when they want to buy a property and apply for a home loan.
- They then lose out to secure a home loan for their dream property.

FOMO – THE FEAR OF MISSING OUT

With the Western Cape being the best place to invest in, and property prices forever escalating, many tenants fear that they will be trapped in renting forever and paying off the bond of their landlord and never be able to get their foot on the property ladder” says De Waal.

VARIOUS SOLUTIONS

There are two Rent2buy opportunities available:

12-month Rent2buy Option:
- The buyer enters into a 12-month lease agreement, with a signed Offer to Purchase (OTP), and has an Option to buy the property at the same price within the 12 month rental period, once a home loan is secured.

Rent2buy/ISA with Finance:
- Finance is available from a private fund that will buy the property for you, “put the price in ice” and then you have 10 – 15 years to pay off the purchase price and take transfer. Watch the Rent2buy/ISA Finance video.

The Asrin Rent2buy units are available in: