Renting my own home - YIT offers a risk-free path to owner-occupied housing
YIT Corporation Press Release 20 March 2024 at 9:00 a.m.
YIT is introducing a new rent-to-buy model to the housing market, where the process of buying a home starts with renting it. Initially, a preliminary contract is signed, subject to a deposit. Within two years of signing the preliminary contract, the buyer can become the homeowner. The deposit and rents paid will be deducted from the price when the sale is completed. The deposit is 1% of the net price of the apartment.
Rent-to-buy offers the opportunity to move into a newly completed YIT home quickly and to complete the purchase later. One of the advantages of the rent-to-buy model is its flexibility, as the buyer does not have to pay for the new home straight away and can instead start on the path to home ownership by renting. For example, the closing of the sale may take place when the sale of the buyer's previous home has been completed.
"We want to make it easier for those planning to change home by introducing a new, flexible home ownership model in an uncertain market.Moving to a rent-to-buy home is stress-free as you can move into your new home immediately, but there is no rush to complete the purchase. You can do this within two years of starting your tenancy, for example after selling your previous home. This removes the fear that many homebuyers have of being trapped in a property chain. It also gives first-time buyers more time to build up their savings," said Pekka Helin, YIT's Senior Vice President, Customership and Living Services.
If the buyer chooses not to go ahead with closing the deal on the rent-to-buy home at the end of the rental term, moving out will be just as easy as moving in. However, the deposit and rents paid will not be refunded.
The rent-to-buy scheme involves selected YIT housing companies and a maximum of three apartments in each housing company will be sold under the rent-to-buy model. Once a suitable property has been found, the buyer can contact YIT Homes Sales for more information about the rental and to arrange a viewing. The rent-to-buy rents are in line with the local market rent for a similar type of property. A parking space that tenants can use immediately after moving in can also be included in the contract.
Read more:
Read more about rent-to-buy model (in Finnish)
Contact YIT Homes Sales
Further information:
YIT Group Communications: tel. +358 44 743 7536, [email protected]
YIT is a leading development and construction company. Based on more than 110 years of experience, we develop and build sustainable living environments: functional homes, future-proof public and commercial buildings, and infrastructure to promote the green transition. The company employs around 4,300 professionals in eight countries, and our revenue in 2023 was EUR 2.2 billion. YIT Corporation’s shares are listed on Nasdaq Helsinki.
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