Rent-to-own in Wexford

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sparkles08

Registered User
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Hiya everyone,

Hoping someone can help me & I'm in the right place.
On RTE news six one last night they had a feature on a housing development in Wexford where the builders were offering a rent-to-own solution. Basically the house is valued at 195,000€ and that price is locked in for three years, during this three years you pay 750€ rent a month but it goes off the mortgage so that after the three years you can buy the house for 160,000€ because you've paid money off it for three years and also you have three years to get your deposit together.

I'm just wondering did anyone else see this and do you know who you would contact regarding this offer?? I missed the end of the segment and I only have the name of the development, I've been having a look on the internet and I can't find any mention of it. Also has anyone heard of any more of these developments around the country??

Thanks in advance.
 
It's not a new idea, there was a developer in Carrigtwohill in Cork did the same about 12 months ago
 
One possible problem wiht this is if the homes are overvalued in the first place.... Not saying they are just throwing it out there. I thought the guy on hte news was really trying to sell hard when I saw the piece on the news that kind of really pictching something makes me sceptical like when any sales person tries a hard sell it makes me want to run personally and makes me think they're trying to take me for a mug....

Just my thoughts...
 
They've been doing in around Sligo for a few months also. The estates are still empty!
 
queenlex said:
One possible problem wiht this is if the homes are overvalued in the first place....
Just my thoughts...
Click to expand...

They are. A mate of mine sold a house recently near to the estate in question and he said that SF were going to advise the builder to sell these houses for €160k and that he'd be wise to accept the offer on his own place asap, which he did and was happy with the price.
 
sparkles08 said:
Hiya everyone,
On RTE news six one last night they had a feature on a housing development in Wexford where the builders were offering a rent-to-own solution. Basically the house is valued at 195,000€ and that price is locked in for three years, during this three years you pay 750€ rent a month but it goes off the mortgage so that after the three years you can buy the house for 160,000€ because you've paid money off it for three years and also you have three years to get your deposit together.
Click to expand...

House prices are falling. The house will not be worth €195K in 3 year's time. The fact that builders think this "scheme" is a good idea should be a big red warning sign.
 
Are you locked into a rental contract for 3 years I wonder? What if something happens and you have to move after a year, are you liable for the next 2 years rent?
 
Afaik you have a 1yr lease and if you leave after that you just dont get your €750x12 back, i presume they'll hold you to the full 12 months.
 
Thanks for the replies everyone. He was making quiet a hard sell on the news it just seemed like one possible solution rather than try rent and save the deposit at the same time.
I'll have to go have a look on the links now.

Thanks :)
 
The houses are nice but it's way out of town, probably 1-1½ miles from the roundabout, you wouldnt walk it very often and its a steep hill home. Their also terraced houses. Had they been closer to town i probably would have been intrested in buying, for about 160k.
 
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