Get ownership of your home by paying regular rent.
For those who are unable to currently get a mortgage and wanting to buy a property in Bulgaria, there is now the possibility of "Rent-to-Buy".
What does this mean?
It means we will negotiate for a property on your behalf, a fixed price over a specified term, as well as reasonable monthly payments, in alignment with your circumstances and the Vendor's needs.
It also means that it is now easy for almost anyone to at least get a foot in the door on the property market here. Which is what you wanted. We feel that everyone should be able to have at LEAST one house with a piece of land and be able to own it outright without putting the rest of their lives in hock.
What are the advantages of buying a property in this way?
- No qualifying for mortgage
- Manageable terms negotiated
- All benefits of home ownership. You can enjoy the benefits of owning your home before you actually buy it! No more renting and moving, you can have this house as your own. This includes improving the home without having to ask for permission
- Flexibility to buy your home, not the obligation! You can buy after one to maximum 7 years
- Small downpayment
- Reasonable rental payments go toward to payment of your home
What are the disadvantages?
- Default on your rental payments will mean lose the right to own your home
- You are responsible for maintenance and repairs
- You will be paying more than if you pay cash outright for the property, however you will usually pay less than buying with a mortgage
- The monies you have paid for rent or deposit are non-refundable if you decide to not go ahead with the purchase, or if you default - however, these will be applied to your purchase when you do buy
Who typically will apply for this method of buying a home?
Those who do not initially qualify for a mortgage (perhaps due to divorce, xxx), and who do not have the full amount to pay for a property and in some cases, those who do not have the downpayment often needed to purchase a home.
How much will I pay?
This is dependent on the property you buy and what we are able to negotiate for you with the Vendor. Prices will vary from GBP 200/month to GBP 600/month
How does it Work?
You let us know the type of property you are interested in owning, and we will provide you with a selection of properties available on rent to own basis that fit your critera. You then decide which home you want to buy and let us know which one you like. We will then work out with you, based on your financial situation, the different options available for you to get the house. Normally we would first determine how much up front money is manageable for you. This amount is then credited toward the price of the house when you buy, so the more you pay up front, either the shorter your rental term or the lower your rental rate will be. We then further negotiate the terms, such as how long the rental period is, how much the monthly payments are, and any other conditions that both parties need to agree on. Once the negotiations are completed, a contract is drawn up to protect both you and the vendor. You will receive a copy of the contract for your solicitor to scrutinize, and once all is in order, deposits (if applicable) are paid and you can "take possession".
You will then pay your rent on a monthly basis for the term agreed. Once the term ends, according to the agreement made, you then take ownership of the deeds for the house as has been previously worked out with you, or if you like, you can opt out.
The Rent to Buy program helps you get into homeownership without the hassle.
How fast can I move in?
In most cases as soon as the contracts have been signed and the first payment made.
What's the first step?
Search for a property you like, or request a list of "Rent to Buy" properties.
