One of the biggest dreams for many is the purchase of a home and to achieve it, the option is to resort to a mortgage loan; However, not all are candidates to obtain financing of this type to acquire a property.
Although applying for a mortgage is the traditional way to buy a property, it is not the only way to achieve this goal. An alternative that is beginning to gain ground is rent with the option to purchase, a rental method that is popular in the United States and Europe, and which is just beginning to have a presence in our country.
This trend, better known as real estate leasing, is a type of financing that allows you to rent an asset, in this case a property, for a specified period with the possibility of acquiring it.
Although this type of leasing is more related to the acquisition of vehicles, it now also applies to real estate issues.
According to the Vivanuncios real estate portal, real estate leasing allows the tenant to have the opportunity to buy a property after a certain period of living in it and pay it in monthly installments, as well as rent.
For this, it will be necessary for both the owner and the tenant to express their intentions to acquire the property in a lease and purchase agreement. In this same document they must set the sale price of the property, as well as stipulate the term in which this action will be carried out.
Regarding the sale price of the home, this must be stipulated from the beginning of the contract, it cannot be modified and it should be noted that the price may be lower than its acquisition value in the market, since the transaction as such is not about payment of a mortgage.
Regarding the method of payment, the rent that the tenant pays to the owner will be deducted from the final sale price until the debt is settled, this payment can be deducted from the entire debt or a minimum of 30% of the rent, in this way the money invested would be the equivalent of the amount of the down payment that is normally paid on a mortgage.
At this point, it should be considered that the rental price in this type of financing modality may be higher than a normal income, due to the implications that this operation represents.
Another of the essential conditions is the time that the contract will last, that is, establish a term for this modality so that during the rental of the property the tenant finishes paying it, this term can be a minimum of one year and a maximum of 10.
Daniel Narváez, Marketing VP of the real estate portal Lamudi, explained that some of the financial institutions that capture this type of requests are Multiple Purpose Financial Companies (Sofom) or Limited Purpose Financial Companies, also known as Sofoles.
According to the executive, the difference between real estate leasing and a mortgage loan is that the former does not require a previous down payment or advance; In addition, you must pay the entire property in at least 10 years, while a mortgage is up to 20 years in a financial institution and 30 in government housing institutes.
“Mortgage loans are of the utmost importance to acquire a home, however new tools have emerged such as real estate leasing that will allow more people to start building their assets,” he said.
Alternative for your pocket
This modality is an attractive option for those people who could not acquire a property because they have no way to verify their income or do not have the funds to pay the down payment.
Héctor Klerian, Deputy General Director of JLL, pointed out that this purchasing model is focused on those people who cannot access a bank loan.
According to the expert, this real estate trend is focused on young millennials who are interested in buying a home but who do not have a credit history or a down payment to acquire a property; as well as freelance workers, who are asked by financial institutions for more requirements to grant them a mortgage loan.
“This scheme facilitates that people who do not have an endorsement or do not have a credit history, have the opportunity to buy a property,” he said.
–
