JOHOR BARU: The rent-to-own or rent-to-buy approach to home ownership helps to resolve the woes of prospective homebuyers, particularly those among the lower-income group.
According to Wonderbucks Bhd chief executive officer Chung Han Bon, the practice creates a win-win situation for all parties involved.
Rent-to-own/buy homebuyers sign a lease option contract for a unit with a property developer a certain period, with the option of purchasing the property.
Chung said the practice helps house buyers when purchasing units priced below RM500,000.
"It helps house buyers facing financial setbacks, such as failing to secure a housing loan from a bank, or not being able to afford the property they want," he said during a forum at the New Straits Times Press’ MyRumah Property Showcase at Komtar JBCC here today.
The forum was titled "Rent-to-own Your Dream House... Digitally."