Everyone would love to have that financial freedom through an affordable real estate investment where one aspires to be own landlord. What if the rent you pay were installments towards your own home ownership?
Edenville Properties is doing that through its 35 One-Bedroom Houses and 5 Bedsitter Studio Houses tenant purchase scheme in Kitengela Central Business District.
Edenville Court, developed by Dannel Commercial Partners Limited is on course to be completed in May this year of which 70 per cent has been sold. You may choose cash purchase or a tenant purchase arrangement that helps home buyers who cannot raise monthly payments required by mortgage lenders.
If you need a one bedroom apartment, you can pay a one payoff price of 2.95 million shillings. If you need to own a studio unit, then you can pay a one-off price of 1.95 million shillings. There is good news though, you can pay in installments at an interest of 12 percent per annum.
Rent-to-own, is a legal contract between a buyer (you) and a seller to purchase a house with a future closing date after the contract is signed. This is different from a lease option, where you’re given the choice to buy the place you were renting but are under no contractual obligation to do so.
In a rent-to-own agreement, you will pay a deposit fee plus rent and “rent premiums.” Your rent payments will go toward the seller’s mortgage, and the premium payments eventually become your down payment when it’s time to buy the home from the seller.