The NatanelFlorens rent to own Scheme.
NatanelFlorens Limited, real estate advisory and development firm is offering Nigerians what is possibly the best way to own property. Under their “Rent to Own” Scheme, tenants will be able to use their rents to buy the property they are living in. As explained by the firm, “to own property in this scheme, you pay your rent over a period certain e.g. If the rent is fixed at N2.5m/year and value of property is N25m, you pay over 10yrs or more and the property is yours”.
The allure of this kind of Scheme is obvious. As the company explains, out of the 14 million housing units in Nigeria, about 12 million units are rented by tenants. The implication is that up to 85% of the population cannot afford to buy their own homes. There is hardly any finance available to such persons and where the finance is available, the cost (interest rate) is so high that default is inevitable.
But such people can meet their yearly rents. The NatanelFlorens Buy to Own Scheme means that these rental payments are accumulated towards the purchase of the property over an agreed period. The company stresses that this is not a mortgage and there is no interest element in the transaction, neither is there any need for deposit or equity contribution.
There are some fees to be paid and eligibility criteria to be met. Like any commercial transaction, there are risks – for instance if you do not meet up with payments, you can lose all your payments. Getting insurance can militate this against this.
So for those who have been shut out of the property market because of lack of capital or high interest rates on mortgage, the NathanelFlorens Rent to Own Scheme is definitely a very interesting option to explore.
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Tel: Becky 08024586976, Remi 08023228631 of Jennifer 07066966110