How Rent-to-Own works

Select your dream home. Homely will buy it and rent it to you for between three and five years. You can then buy it from us - it’s that simple.

Six steps to owning your own

1. Apply

After an initial call with a member of our team, you’ll be invited to progress with our approval process by filling out our questionnaire and submitting your key documents for review.

2. Search

Once you’ve identified a new or secondhand home, we’ll ensure the property is fit for purpose and meets our basic requirements. If you’ve received an eviction notice from your landlord, we’ll even look at buying it so you might not even have to move!

3. Acquire

We will buy the property, you will sign a tenancy agreement and option agreement (after consultation with your lawyer) and pay 2.5% of the purchase price. We cover all transaction costs while you plan for your big move.

4. Move

Once all the legalities are complete, your tenancy and your monthly payments will start. Live in your home as if you already own it, modifying it as you wish, with the security of your tenancy agreement. Get a dog. Hang pictures. Do whatever you like (within reason!)

5. Manage

View your home’s future payment schedule, estimated property value and other key information on Homely’s digital management portal dashboard. Now it’s time to focus on your future mortgage application!

6. Purchase

At the end of the tenancy period, you can purchase the property from Homely. You’ll receive your rent and value discounts (which can count towards your mortgage deposit) and a monthly payment statement from us proving your mortgage repayment ability.

Let's run the numbers for you

Rethinking the traditional home ownership model - how rent-to-own works in terms of costs and discounts. Use our calculator to learn more about how our monthly payments work!

Home Price

€ 400,000

€200,000 €800,000

Initial Payment

€10,000

Just 2.5% of the purchase price (min €10k for €300k+)

Monthly Payment

€2,916

~€583/month goes toward your discount

Potential Market Value*

€443,487

Monthly Payment Discount

€20,988

Market Value Discount

€4,697

Your Net Purchase Price at end of term (indicative based on growth rate assumption chosen below)

€417,802

*Based on a sample 3.5% property value increase annually. For illustrative purposes only.

Total Discount Summary

Total Discount Amount

€25,685

Discount as % of Market Value

5.8%

Mortgage & Salary Requirements

Additional Savings Accrued

€

Enter any additional savings you expect to accumulate during the programme

Mortgage Required

€391,117

Required Salary (4.0x)

€97,779

Required Salary (4.5x)

€86,915

Annual Property Growth Rate 3.5%

2% 7%

The above is an example of how rent-to-own works for illustrative purposes only. All monthly payments, base costs, and discounts will be agreed between Homely and each customer at the outset but will be strictly dependent on your personal circumstances, property type, and location.

Your Purchase Price Discounts

Reap the rewards

Homely provides clarity and stability for you to build your own personal savings pot through your tenancy period. If you wonder how rent-to-own works from discount perspective, when you purchase the home at the end of the lease period, we’ll give you two discounts against the market value at that time:

You’ll receive a discount equivalent to 20% of the monthly payments you have made over the tenancy period.
You’ll receive a discount equivalent to approximately 20% of the difference between your home’s market value* at the time you buy it (assuming the market value has increased) and Homely’s original purchase costs and expenses (which are determined and provided to you at the outset).

*If at the end of your tenancy agreement, the market value is lower than Homely’s original purchase costs and expenses, you’ll have a few options.

You can cover the cost difference yourself and purchase the home.
You can request a lease extension of up to 24 months. This will allow you to continue to save or wait for the market value to increase.
You can also choose to hand us back the keys and leave the property.

Change your mind?

We understand that sometimes life doesn’t work out as expected. If for any reason you decide not to purchase the home at the end of the tenancy period, you can simply hand us back the keys. As long as you have paid all outstanding tenancy payments and there is no damage or repairs needed, you will not have any further liability or obligation to us.