Why rent when you can purchase your own home?

The Problem                                    

Many young people today are finding it impossible to get their first step on the property ladder.  They have the disposable income to afford a mortgage but lack the financial funds to secure the required deposit.  In Belfast the average deposit required by a first time buyer is £20,000 which is out of reach of most young working people.

The Solution

Elgin Homes is a company dedicated to helping first time buyers in Northern Ireland get their first step on the property ladder.  This will benefit people where property prices have risen beyond the reach of most first time buyers and enable them to do so in a practical and affordable way. 

Elgin Homes provides the chance to rent a home of your choice and after period of time purchase it.  This gives you the opportunity to choose and then create your own home and then own it with a small down payment!

Our Mission

We aim to revolutionise the first time buyers market.  Those people who are forced to rent, for whatever reason, often feel that they are spending money that sees a nil return.  For far to long the UK has been set in traditional ways in helping people become home owners. .  Elgin Homes is the way ahead helping a generation purchase their most important investment ever, their own home.

Rent to Own - Description

Rent to Own involves the creation of a contract between the tenant and landlord, that allows the tenant to lease the property for a fixed term with an option to purchase the same property.  The length of the fixed term and final purchase price are agreed at the start of the term.  A portion of the monthly rent is credited off the final purchase price.  Therefore at the end of the term, the final purchase price will be reduced. 

During the term, the tenant is the only person who can purchase the property.  The tenant pays an option deposit to secure the option to purchase.  If the house value soars above the agreed purchase price, the tenant still only has to pay the agreed purchase price, less the rent credits.  If the tenant does not want to buy, or cannot, within the agreed timescale, the tenant has to leave the property and it reverts back to the landlord.


Interested? Step by Step of the Process

Getting started in Rent to Own could not be easier

1. Make contact with Elgin Homes via email or telephone.  We will contact you explaining further the Rent to Own concept and discuss your current financial circumstances and preference on where to live.
2. After receipt of a small property finding deposit we will match suitable properties within our database and actively pursue further matching properties in your preferred area.
3. We will contact you with a list of suitable properties and an approximate indication on how the figures will work.
4. After you have confirmed you are happy with a particular property we will arrange a viewing and go through the figures in detail.
5. When all parties are agreed, a lease contract and an option to purchase contact are signed, in the presence of a solicitor
6. You move into your new home!