Rent to Buy/Rent to Own schemes a big success at Castlelake

Those who rent have the option to buy after four years, Tommy Barker reports.

IN uncertain times, the Rent to Buy/Rent to Own schemes has paid dividends for all concerned at the Castlelake development in Cork’s Carrigtwohill.

That’s according to estate agent Suzanne Tyrrell of Cohalan Downing, who has over a dozen sales thorough this method in the past three years.

Those who start to rent have the option to buy after a four-year period (it had been two years, but that’s just extended) and they get to buy at values prevailing in the scheme at the end of the agreed rent period.

And, prices for the remaining houses in the scheme have now been reduced further, say Cohalan Downing.

They quote €190,000 for a three-bed townhouse (or €195k for a semi) of 980 sq ft, at a monthly rent of €900, or a two-bed 710 sq ft apartment, at €165,000 and a rent of €750 per month,

Or, on the larger size, there’s a four-bed detached of 1,477 sq ft at sale price of €295,000, or a monthly rent of €1,100.

The rents paid build up over the period, serving as a deposit, and is taken off the eventual purchase price.

Bonuses for buyers include settling into what they’ll aim to own in the longer-term straight away.

Renters have full PRTB tenants’ rights. The purchase option can be taken up anytime over the four-year period, and those who buy within year one get a €10,000 discount.

So far, 400 houses and apartments have been built by BAM Gable at Castlelake, next to a feature created amenity lake, landscaping has taken root, and there’s commuter rail link as well on the Cork-Midleton rail line.