Affordable Rent2buy units now available in Bloemfontein and Western Cape developments
Affordable Rent2buy units are now available in three new and existing residential developments, from Raceway Park in Bloemfontein, to Parklands and Eerste Rivier in the Western Cape. The best part? Rent2buy buyers can get prequalified today and move into a home, soon to be called their own home.
“We approached property developers and requested them to provide us with a limited number of residential units for sale on the Rent2buy Finance concept,” says Meyer de Waal, Cape Town attorney and brainchild of the Rent2buy product. “The response was overwhelming from these property developers. They all are very excited and keen to assist current tenants, home buyers and property investors to achieve their dream to own their own homes.”
Working with Aquacor Developers, Rent2buy units priced from R580,000 to R680,000 are available in this development, with a mere Rent2buy deposit of 3.4% required to secure a unit.
This translates into a deposit of R19,800 on a R580,000 unit and a deposit of R23,200 on a R680,000 unit.
This is payable once a Rent2buy Finance affordability assessment is completed and approved, with no extra transfer costs being payable.
“Property investors can also buy a unit with an existing tenant and lease agreement in place,” says de Waal.
Raceway Park is a brand-new Bloemfontein neighbourhood situated a mere 5km from the CBD and only 3km from the Bram Fischer International Airport. Currently at the heart of new growth and development in the Mangaung District, future elements and community facilities include a school, crèches, churches, a 12,000m² retail precinct and numerous public park and recreational spaces.
All construction at Raceway Park is of brick and mortar and currently comprises 400 free-standing houses, ranging from 2-bedroom units to 4-bedroom/2-bathroom family homes. Two new developments of 2-bedroom apartments in 3-level walk-up blocks provide Raceway Park with additional residential stock for both the rental and the sectional title sellers’ market.
Working with Power Group, Rent2buy units are made available in the Belle-Vue Estate development in Blue Downs, priced from R570,800 to R625,200.
A Rent2buy deposit of 3.4% is required to secure any of these units, and translates into a deposit of R19,400 for a R570,800 unit and R21,300 for a R625,200 unit.
This is payable once a Rent2buy Finance affordability assessment is completed and approved. No extra transfer costs are payable.
“This low deposit makes it very attractive for investment purchasers as a financial institution often requires a 10% deposit,” says de Waal.
Belle Vue Estate is located in Blue Downs, Eerste River, adjacent to Stratford Avenue and is a fully walled, secure-living estate close to schools, shops and public transport.
“The estate consists of 197 free-standing opportunities with Phases 1 & 2 now selling with a selection of house typologies to choose from, ranging from 42m² to 65m² with 2 and 3 bedrooms. Buyers can choose from various optional extras; some of these include a garage or carport. All the free-standing homes come standard with burglar bars, security gates, alarms, oven and hob, a washing line and are fully walled.
In the Nouveau Estate, working with the C5i Group, the prices range from R915,585 to R1,026,685, and current tenants have been first offered the opportunity to buy their own units as it was discovered that many tenants had already made a home for themselves in their rental apartments, settled in and fell in love with the quality finishes, location and amenities the development offers. Many tenants wished to continue living in their current homes.
The Nouveau Estate units are also available for property investors who aim to get their foot in the property door, says De Waal.
“As an investment buyer, one can buy the unit with an existing tenant and lease agreement, and can calculate the investment return from day one,” he says, noting that Nouveau Estate units are now available to purchase on the open market under the Rent2buy Finance concept as well as a direct purchase, cash or with the assistance of a home loan. “A Rent2buy deposit of 5.4% is required to secure any of these available units, and translate into a deposit of R49,500 for a unit priced at R915,585 and a deposit of R55,500 for one priced at R1,026,685.
Nouveau Estate is situated on the outskirts of Parklands in Parklands Main Road in an upcoming residential area and is situated in a quiet neighbourhood, ideal for first-time home buyers and investors. The location is close to well-established schools and the future Curro Private School, and 3.8km away from Blaauwberg Hospital.
The benefit of a Rent2buy Finance prequalification is that once pre-approved, the Rent2buy purchaser is 100% secured of securing a property within their price range, once the property valuation is approved and the required Rent2buy deposit is available.
“On average, 50% of home loans are declined,” says de Waal, noting that if a buyer goes through a home loan prequalification process, the success rate of home loans submitted are up to 75% approval rate. “It still means that 25% of applications are declined!
“Often a home loan is ‘approved’, but because few 100% home loans are granted, the huge deposits required by the bank as well as the cash required to pay for the attorney transfer and bond registration fees, means they often “sink the deal” and makes it impossible for the home buyer to proceed.
“With Rent2buy Finance, once you are approved and your deposit is available, you are 100% assured to secure your property. Our prequalification process is so good, that a Rent2buy pre-approval is as good as a final approval!”
The Rent2buy Finance deposit ranges from 3.4% to 5.4% of the property’s purchase price, depending on the type of property purchased. No other transfer costs are payable to secure the Rent2buy property, according to de Waal.
“The Rent2buy purchaser then rents the property for a period of 24 months,” he says, adding that before the expiry of the rental period, the Rent2buy buyer will be offered an option to convert the rental agreement into an instalment sale and pay off the purchase price over a period of 15 years, or, alternatively, they can apply for a home loan. “They will do this with their much-improved credit score and affordability track record.
“Transfer and bond registration fees are then payable by the buyer when they take transfer. They can use their Rent2buy deposit refund to cover these costs!”
With the Rent2buy Finance product a great benefit is that the purchase price is frozen for the purchaser for the 24-month rental period after a small extra amount (the option fee) is added to the purchase price.
How to get started
To apply online and to check the Rent2buy price you can afford – click here
For more information on how to get started on Rent2buy Finance or any of these developments, contact:
Janine Grobler: 082 091 5678, email firstname.lastname@example.org
Kristin McMullan: 072 199 6593, email email@example.com