Guaranteed rental is a type of agreement in which the developer of a new apartment complex guarantees a certain level of rental income to the purchaser for a specified period of time. This means that the developer will pay the purchaser any shortfall in rental income if the actual rental income falls short of the guaranteed amount. This type of agreement can provide a degree of security for the purchaser and can make the purchase of a new apartment more attractive, particularly for investors looking to generate rental income. The time period of guaranteed rental usually ranges from 1 to 3 years.
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Currently, here at Busy Bees Estate Agents, we can offer properties located on certain developments that offer the reassuring benefit of rental guarantee agreements. A rental guarantee contract is an agreement between both the developer and the purchaser where the developer agrees to annually pay back a certain percentage for a specific amount of time.
For example, we currently have one development that offers a 3 year rental guarantee with an annual income between 7% and 8% depending on property choice. The income percentage is calculated against the final sales price. Please see a full example below:
Rental guarantee offer of 3 years with a return of 8% per annum for 3 years.
Calculation Example:
Property purchase price of £100,000
First year return, 8% of £100,000 = £8000
Second year return, 8% of £100,000 = £8000
Third year return, 8% of £100,000 = £8000
Total return after 3 years = £24,000
Not all developments offer such an option, in fact it is very rare, however, a guaranteed rental offer is always good for first time investors and those who are thinking to invest in an overseas country for the first time. This also massively benefits business investors by taking away most of the risks attached to a rental business for a good period of time. It is a good way to gain trust and confidence in the place you are investing and perhaps make a bigger investment in the future. This very beneficial feature allows you to invest with confidence and provides for reassurance and peace of mind.