Property DescriptionRental with option to buy
Unique and extraordinary rental opportunity with option to purchase.
Apartment with one bedroom and a bathroom with seaview from its glazed terrace, with separate kitchen, on the eighth floor, a short walk from the Yacht Club and the Beach in El Arenal de Llucmajor.
What is a rent with option to purchase? In a direct contract with the owner by which, you make a down payment and then, you pay a monthly rent for the agreed period (in this case, three years). After this period, the amount of income plus the deductible percentage of each month (in this case, 90% of each monthly payment) is added. The value obtained is subtracted from the sale value of the apartment. Then, it will be easier to obtain a mortgage loan (The price of the apartment will be lower) and in turn, the fee will also be reduced.
Advantages ?: You do not have to face the high initial costs of a mortgage (amounting to 32%) or commit yourself financially to any entity, except with the owner. You pay a rent, like any other, but each monthly payment is a discount of the final floor price.
In this case, according to the following requirements:
€ 20,000 down payment
Monthly rent: € 900 (90% Deductible, that is, discounted, from the value of the floor and monthly, € 810)
Period: Maximum three years
Sale Price: 170,000
After three years, you will have deducted approximately € 49,000, which means you will have to obtain, in case you want, a credit for a flat whose value is not 170,000, but approximately € 121,000 !!!
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