Housing rental with option to buy? This is how residential leasing works

The access to housing It is a complex issue in Mexico, since a large part of the population does not meet the necessary requirements to acquire a mortgage loan. However, currently, there are options that can help achieve this goal, one of them is housing leasing.

It is a scheme that allows rent a propertyin this case a property, for a certain time, with the possibility of acquiring it in the medium or long term.

The objective is the transfer of the property by means of a monthly payment, which is the rentaonce the person begins to inhabit the real estate.

Also known in Mexico as financial leasing, this figure is regulated in the General Law of Titles and Credit Operations.

“Normally this type of lease is more related to the acquisition of cars or machinery; but, it is a good option to acquire real estate according to the economic conditions of each person”, says Karla González Montoya, B2C marketing manager of Inmuebles24.

According to the specialist, in this model a monthly amount is established to be paid for a stipulated time, it can be from one to 10, 15 or 20 years.

Later, if the owner and the tenant reach an agreement to finalize the purchase, the price will be residual; This means that the monthly payments paid will be subtracted from the total cost of the property and the final price will be obtained.

How to carry out housing leasing?

To carry out the financial lease agreement, it must be in writing and registered in the Public Registry of Commerce and have two parties: the lessor, who grants temporary use or enjoyment of the property, and the lessee, who pays a periodic price for the use. of the property with option to purchase.

González Montoya indicates that it is important to establish the final amount to be paid, the terms in which the payments will be made, the validity, the price of the property and the clauses for non-compliance in the writing.
Finally, he shared some of the advantages offered by housing leasing:

⦁ Allows you to make use of the real estate while making the decision to buy or not.
⦁ Leave room to negotiate with the landlord about deadlines.
⦁ Ease of tax processes, since the rents they are deductible.
⦁ It is not necessary to comply with the requirements of other financial institutions.
⦁ Does not commit to the purchase at the end of the contract.