An Ultimate Guide on Renting to Own a DMCI Homes Condo Unit

Condo Living.

Ever dreamt of owning a condominium unit?

Having your own condominium has a lot of benefits, especially if you’re a working professional. Some of these benefits include:

  • Easier access to your workplace
  • Close proximity to commercial establishments
  • Equipped with amenities such as the pool and gym
  • Safety and security

While these may sound only like a fever dream, owning your own condo unit is possible even when you’re on a tight budget thanks to rent-to-own.

How does rent-to-own work?

Rent-to-own is a process wherein you rent a condo unit at a fixed price in the hopes of fully owning the place. The rental fee will later on serve as your down payment in the event that you decide to buy it for good.

In simpler terms, rent-to-own gives you the opportunity to rent out a certain condo unit before you decide to purchase it once the rental period ends.

If you’re looking to own a condo unit, we’re giving you more reasons to invest in DMCI Homes as we’re offering a new payment scheme to make those dreams come true in a more affordable and viable fashion.

The DMCI Homes Condo Rent-to-Own Scheme

What is that?

Under the DMCI Homes Rent-to-Own program, you’re able to choose a ready for occupancy (RFO) unit from their condo property list that you can either lease with the option to purchase or rent normally.

How does rent-to-own work?

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This program is pretty simple. If you wish to avail of the rent-to-own program of DMCI Homes, you would first need to lease the unit on a standard 24-month period. Then on the 18th month or six months before the end of the leasing contract, a written intention to purchase the condo unit must be submitted to the DMCI Homes Leasing Services (DHLS).

To reserve a unit for rent-to-own, your one-month deposit will serve as your reservation fee. You can pay for this after you submit the tenant information, and while you wait for the official lease contract and other documents.

What are the requirements?

For your leasing contract, you would need the following requirements:

  1. Duly filled up Tenant Information Sheet
  2. Proof of Income
  3. Proof of Billing
  4. Valid IDs
  5. 1-month advance (acts as Reservation Fee)
  6. Signed Lease With Option to Purchase Contract
    • Options:
      • PDCs (to be issued during contract signing)
      • Auto Debit
  7. Choose Payment Method of Lease
    • Cash or Check:

What’s the payment process?

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DMCI Homes’ rent-to-own scheme follows a 90-10 payment term.

This means a minimum 10% down payment is required, while the remaining 90% can be a loanable balance payment term with an accredited bank. DMCI Homes will gladly help you in coordinating your loan but this is subject to the bank’s assessment and approval.

But what about the rent you’re paying? Does that count for anything?

It does! Don’t worry. 60% of the total rent you paid will be deducted from your down payment for the unit.

What price base will my contract follow?

Given that real estate properties tend to increase value annually, you might be wondering what unit price you will follow. If you will be buying from DMCI, you’ll be following the unit price based upon the start of your leasing contract.

Thanks to DMCI Homes’ Price Protect clause, those who will avail of the rent-to-own program will have their unit prices protected from any possible increase in the future. This can help you manage your budget without the fear of sudden price increases with the unit — a perk that DMCI Homes offers to its condo renters.

When can I move in?

finalized the payment method and the payment for advance and deposit, you can move into your unit asap.

How can I get started?

Photo courtesy of Hassan Ouajbir via Unsplash

If you wish to avail of DMCI Homes’ rent-to-own option, you can reach out to any of the following to help you get started:

  1. You can reach us through our official Channels:
  2. Any accredited DMCI Homes Property advisor or consultant

If you’re still having doubts on how much of a practical choice renting-to-own a condo is, here are some of the best reasons why rent-to-own is a better option than just renting:

Photo courtesy of Agustin Lara via Unsplash

  • Take it as a test drive.
    If you’re still deciding whether to buy a condo unit or not, you have all the time, well… 18 months to experience everything before coming up with a final decision. Nothing defeats the saying “Charge to Experience.” Get to live the condo life even before buying one with the rent-to-own program.
  • It’s a budget-friendly choice.
    With the rent-to-own program, you would not need to put down a huge amount of money right away. Since your rental fee will cover some of the equity payments, it will feel like you’re saving up for your home.
  • Life goes on, even if your rent-to-own process is unsuccessful.
    In the event that you decide not to push through with the purchase of the unit, you can still opt to continue renting, instead. You won’t need to worry about moving out and finding a new place to live in.

Make the dream come true today. Check out the DMCI Homes properties you can avail for rent-to-own projects! For more information, visit our official website and social media pages.

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