Getting on the property ladder can be a real struggle for some who aspire to own their own home. That is why in early December, Barcud were proud to see more families move into their brand new “Rent to Own” homes.
The “Rent to Own” scheme is a Welsh Government funded project which provides the opportunity for successful applicants to move into a home with the end goal of buying the property. The scheme allows the tenant to save while renting, making that essential deposit achievable and enabling them to get that foot up onto the property ladder. The applicants also benefit from having the security of accessing the housing support services that come hand in hand with being a Barcud Tenant and the confidence that the properties they are buying are high quality, affordable and sustainable homes.
Jo Hughes, Housing Officer for Welshpool, said, ‘The process of “Rent to Own” has allowed me to really get to know our applicants and their journey, which has been a long road for some. There was a real sense of excitement on the move-in day, which created a real sense of community and pride by applicants, staff and contractors who have been working on building these homes’.
Gareth Turner, a Rent to Own tenant, said, ‘Having lived in a Mid-Wales Housing Association home before, we knew what to expect and what was expected of us, the move from our old property to our new one was made a lot simpler.
“The Rent to Own-Wales scheme is a fantastic idea. Having a young family saving to get a decent amount for a deposit is near impossible. The scheme helps us save a big chunk without having the temptation to dip into it for other things. I have already suggested two or three friends and family take on a “Rent to Own” property. I think it’s a brilliant way to get on to the property ladder”.
How does it work?
How ‘Rent to Own – Wales’ works
- you will initially rent the home and can receive 25% of the rent paid over the duration of the tenancy and 50% of the increase in the property value (if any) during the period of time you have rented the property to use as a deposit towards purchasing the property.
- your Rent to Own – Wales agreement lasts up to 5 years, you can apply to buy your home at anytime between the end of the 2nd year and the end of the agreement.
Final note: These properties are some of the last to be funded under the Rent to Own-Wales scheme.
Want to know more? Don’t delay! Please get in touch with our agent MMP Homes, on 01938 554818.