Renovated country house

THE HOME AND ITS SETTING

A closer look.

Stone country house with views of surrounding villages and the sea, extending as far as Gorgona island on clear days. The property measures approximately 50 m² over three levels and was fully renovated in 2010. Layout: raised ground floor: entrance, living and dining area with a kitchenette and small fireplace, plus bathroom; 1st floor: 2 bedrooms; ground floor: laundry room. Land surrounds the house on 3 sides with fruit trees, and further plots in Brancoleria bring the total landholding to more than 1 hectare. An adjoining section of the country house requiring renovation may be available to purchase separately.

This property offers the possibility of a rent-to-buy arrangement, specifically a contract providing for a future sale. Is rent-to-buy worthwhile? The original description presents it as an option for people who want to buy a home but do not have immediate funds or all the guarantees a bank may require for a mortgage, such as a permanent employment contract. The stated potential advantages for the tenant are: 1. Being able to use the property immediately. 2. Being able to choose at the end of the contract whether to become the owner. 3. If the purchase goes ahead, a portion of the rent paid is credited towards the final sale price rather than all payments being lost as rent. 4. The possibility of demonstrating a payment history to a bank when applying for a mortgage. 5. Applying for a smaller mortgage, potentially reducing borrowing costs, interest and repayments.

Payment illustration from the original listing: an asking price of €90,000, with €30,000 payable at the initial agreement. A rent-to-buy contract lasts 5 years, with monthly payments of €600: €100 for occupation and €500 as an advance towards the sale price. At the end, the tenant pays the remaining €30,000. The original illustration states that if the final €30,000 is not paid, the owner regains possession. The purchase-price payments are €30,000 initially, 60 instalments of €500 totalling €30,000, and a final €30,000, for a total of €90,000.

In this illustration, the purchase avoids the bank interest that would otherwise arise from borrowing, which the original listing presents as a potential saving.