Rent to save for a home deposit, Brits advised |
02 2008 |
| Those looking to get on the housing ladder have been advised to considering 'renting to buy' as an option. Writing in the Sunday Mirror, "property guru" Raj Shastri states that 'lease option" schemes - where prospective property owners rent at a slightly elevated rate for a certain period of time and then have an option to buy once the period expires - are a good way to secure a property. Commenting on the method, Raj told the paper: "This could be a winner, but if you're going to do it, get the contract right, and plan so that you're ready to buy in three to five years' time." The Sunday Mirror also argues lease options could be a good option if property prices increase as the terms are set out at the beginning of the rental period - this means that people won't be obliged to pay more at the end of the fixed period. Renters aren't obliged to buy either, so if the market drops, they can effectively walk away from the deal, the paper suggests. In related housing news, Halifax Bank of Scotland said today that the south of England and Scotland would be property hotspots during 2008.  |
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