Newspaper article The Journal (Newcastle, England)

Rent Adds Up to Deposit for Own Home

Newspaper article The Journal (Newcastle, England)

Rent Adds Up to Deposit for Own Home

Article excerpt

A"RENT before you buy" scheme at a riverside apartment development has proved popular. And the developer of Friars Wharf has just announced that 14 buyers were helped to own their own home using the package in 2012.

Managing surveyor Neil Chapman explained: "The scheme has proved extremely popular since it was introduced and we are delighted so many buyers have enjoyed living at the development so much they have chosen to purchase.

"We are very pleased we have been able to offer a solution to help buyers who have told us they simply wouldn't have been able to purchase their own home without the scheme".

Mr Chapman said that the rent-before-you-buy scheme was simple. He explained that a fully furnished apartment was chosen by the prospective buyer and the purchase price fixed for 12 months, during which time it was rented by the would-be buyer.

At the end of the 12 months, the tenant has the option to purchase the apartment for the fixed purchase price, either minus the full amount paid in rent or with the full amount returned which could be used towards a deposit. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.