Homeslea

The rent-to-own program is a unique opportunity for people to become homeowners by paying monthly rentals and adhering to the program’s terms and conditions. First, customers can select their desired homes on our website. We then construct their homes and rent them out under certain terms and conditions that enable us to repay our stakeholders who invest their time, money, expertise and labour into the program. This well-planned program offers many benefits to tenants, including the ability to sell leasing rights, access credit facilities, and home ownership.

1. Firstly you pay the Service fee of $US100/$US50 upon Approval of your order.
2. Security Deposit
3. Monthly Rentals for the full Lease period.
4. Community levies, insurance and applicable taxes
5. Transfer fees on completion of lease period(to transfer the property into your name)i.e. Conveyancing fees and Stamp duty.

The period is long enough to ensure the monthly rentals you pay are affordable. The shorter the lease period the higher the monthly rentals. A shorter duration will mean a higher monthly rental: for example, the Essential Garden Flat home may require approximately 3600usd per month for a two-year period rather than 600usd per month for 12 years.

As long as you have adhered the set terms and conditions of the Lease Agreement and the Rent to Own Program you will be awarded the Gratuity Certificate and documents to effect transfer into your name. 

Note: You need to join the Rent to Own program in order to be eligible for home ownership and other lease benefits.

Yes the Service Charge

Service Charge is the amount you pay on approval of your order and for you to be registered on our waiting list. This amount is US$100 for the Garden Flats and High Rise. And $50 for the Studios. You only pay this amount if your order is approved. Completed homes will be allocated to Waiting List Registrants only, on a first come first served basis excluding the Investors quota.

This Service Fee does not go towards your monthly rental or point accumulation, as it helps to cover the transaction costs we incur on documentation and account maintenance before you pay your first monthly rental to move into your new home.

The service charge is extremely important to the process of providing you with your new home because it allows us to allocate dedicated staff and resources to the program. Alternatively it shows your commitment to the program, which is a big motivator for funders. Because we don’t know how much the preparations will cost until your home is ready for your occupation, we have initially set the amount at US$100/US$50. However, if the preparation expenses end up costing less than that, we‘ll give you the balance back.

This Service Fee also has a cooling off period of 5 days in case you change your mind. Once this period is up, Homeslea gets to work on your behalf. If, after 18 months we have not successfully allocated you your new home, we give you the Service Fee back.

 Note: We require that our customers seek independent legal advice on the arrangements prior to Registration. This is to ensure that our customers are very clear on the Homeslea Rent to Own arrangements and have had the benefit of an external set of eyes. We will provide more information on this once you’re further through the process. Customers can use their preferred legal  practitioner or Homeslea can provide you with contact details for lawyers who are familiar with the Homeslea Rent to Own program. Depending on the adviser you choose, you should expect to pay adviser costs.

Subletting is not permitted unless Authorised by the Homeslea Property Manager. The sub-lessee has to be qualified under our terms and conditions.

Put simply, we make money from a part of monthly rental payments and Service Fees.

Having said that, this is not all profit by any means. We have various costs, including development, property management and other transaction costs. We also have a range of operating expenses, including building the business model and  technology that supports our seamless home ownership experience.

The money we make allows us to keep doing what we do, which is turning more renters into homeowners.

Our own to rent program is totally different from a mortgage.

A mortgage loan is how most upper income professionals buy their homes. However, they require hefty deposits, establishment costs and approvals from third parties (banks, appraisers/valuers etc.). Most people are excluded from mortgages because of the stringent conditions and income level requirements. Defaults are dealt with decisively almost all defaulters lose the property and every penny paid towards the mortgage.

Our program is a rental program that rewards tenants who have adhered to the terms and conditions of the Rent to Own Program with home ownership, As long as you have a valid lease agreement you will get approved. we have a flexible default policy and Home ownership for our customers is our main goal.

Homeslea has  laid down procedures for this exact scenario.

Our goal is to ensure that all our customers end up as homeowners, but we understand that sometimes circumstances change. Once a customer fails to pay, we’ll follow a clearly laid out path. In short, we give the customer a grace period, and an option to sell leasing rights to capable aspiring tenants before eviction.

More details on this situation is provided in the Rent to Own Program agreement.

Again the Rent to Own program has  laid down procedures for this scenario.

Our goal is to ensure that all our customers end up as homeowners, but we understand that sometimes mistakes can happen. 

More info in Rent to own Agreement.

In your set monthly rentals we have already budgeted prudently for the cost land that is suitable for your rent to own home.

We acquire land only after receiving sufficient orders from potential tenants. This method helps us make informed decisions about land acquisition while minimizing the risk of constructing properties that remain unoccupied for long periods of time.

This approach makes our business an attractive investment opportunity for those who fund the construction of rent-to-own homes, as they are guaranteed a return on their investment. The rent-to-own model eliminates the problem of investors being hesitant to invest in completed buildings that may have difficulty finding tenants. The shortage of accommodation in urban areas is mainly due to a lack of funding from investors who are uncertain about the uptake of completed buildings.

As experienced professionals with significant expertise in the real estate industry, we would like to assure you that there is an abundance of prime land available for the rent-to-own program. In cases where vacant land is not available, we have the ability to purchase existing buildings, demolish them, and construct rent-to-own homes.

From start-to finish, the moving in can take as long as twenty four months provided we have received the required number of approved orders for a particular neighborhood/location. The number of approved orders per location (NAOL) is the foremost milestone before the development of your home. We do not build areas with low demand.

Development of multi-family homes is a complicated process, we have to comply with all applicable bylaws before we build in order to avoid future difficulties for tenants and/or owners, and this can also be time consuming.

Yes the waiting time can be long, but the most important thing is…As long as you can afford to pay monthly rentals you have a big chance of owning a home! We know how difficult it is to save money to buy your own home while spending lots of money on rent every month. Why not wait for a Homeslea built home that you can move in without a deposit, live in, while paying rent and own it at the end of the leasing period.

 The benefits of living in a rent to own home are too numerous mention.