The Location estate agenct in Costa Teguise has come up with a great idea to help property renters turn into property owners by using the rent money as property repayment money.
Such a scheme will be very well received in the current economic climate. The new scheme will incorporated rental payments into property purchase payments and greatly reduce the costs needed for a deposit.
In the latest issue of the Freedom4sale property magazine (issue 46), which you can download here, is a very interesting article on the innovative idea that Location Estate Agents have brought to the market.
The article goes on to explain how this scheme is basically like a higher purchase scheme which allows a tenant to rent a property with an option to purchase at a pre agreed price within a specific time period.
The exact terms and conditions can vary as long as both buyer and seller agree, these terms are then entered into a legally binding contract.
Location estate agency are offering this for clients that buy a property for sale in Costa Teguise.
The terms vary but normally lay between a deposit of 2 to 5 per cent of agreed purchase cost, this price is part of the final payment. The tenant would then agree a fixed rental price, normally slightly higher than the going rate. Each monthly rental payment is then also deducted from the agreed property price.
This scheme is seen as a big step forward for buyers that cannot raise the normally 25 to 30 percent of purchase price needed in costs and should open up the market to a large number of new people.
If you are interested in contacting Location Property Consultants and finding out more then you can contact them on
www.location-lanzarote.com
email: info@location-lanzarote.com
phone: (0034) 928 827 257