Homes available for rent-to-own scheme in Kildare

KILCULLEN housing development, Riverside Manor, has made a select number of homes available for a new rent-to-own scheme, led by home ownership platform, Homely.

Riverside Manor is a fantastic 180-unit residential development located near to the River Liffey in Kilcullen.

This is the first time that Homely has made homes available in Kildare as part of its unique offering, which allows people to find their dream home, rent it from Homely for a set period and ultimately buy it with Homely’s advice and support.

The new initiative will provide would-be owners with access to a selection of newly built homes at Riverside Manor under Homely’s unique and innovative model with options ranging from one-bedroom apartments to three-bedroom duplexes.

As part of the scheme, qualifying applicants will be able to move into their new home immediately and use Homely’s platform to steadily build savings that will ultimately allow them to secure a mortgage and buy the property.

Homely’s rent-to-own programme is designed to help would-be homeowners overcome high prices and increasingly restrictive mortgage criteria. The company secures homes on behalf of customers, who then rent them for a period of up to three years, with the option to buy at the end of their rental term.

The typical customer sits within the “forgotten middle” - people who can afford monthly payments but are unable to access traditional lending, leaving them stuck in the rental cycle. Through the programme, customers can demonstrate their ability to service a mortgage while also benefiting from a share of some of the increase in the home’s value during their time in the property.

Homely also purchases new and second-hand homes for clients and is increasingly involved in securing properties by building them directly or partnering with homebuilders before they are finished, allowing customers to plan well in advance for their big move.

At Riverside Manor, Homely has partnered with Alchemy Homes, the developer of Riverside Manor, to make new homes available as rent-to-own. Rents will start from €1,800 a month and occupants will also pay an additional monthly amount of between €400 to €600, which will be used as part of their mortgage deposit.

This payment will also secure the tenant’s legal right to purchase the property at the end of a three-year term. In addition, tenants will also benefit if there is any uplift in the value of the home over the programme term, offsetting up to 20% of the increase from the purchase price when they buy. The structure of these payments will be tailored to each applicant based on their individual circumstances and needs.

As part of the programme, participants can receive complimentary mortgage coaching from Engage Financial Solutions, a leading mortgage advisor. Engage will assess each applicant’s mortgage readiness from the outset and provide ongoing support throughout the term, ensuring participants are in the strongest position to secure a mortgage at the end of the programme, with their accumulated value in place. There is no obligation to use Engage, or any specific lender, at the point of purchase.

The launch comes amid an acute rental supply shortage in Co. Kildare, where fewer than 100 properties are currently available to rent across the county and there are no new-build properties available to rent. Recent Daft.ie data indicates rents for second-hand homes in Co. Kildare now range from c. €1,300–€1,675 for one-beds, €1,700–€2,000+ for two-beds, and €2,100–€2,500+ for three-beds.

Homely believes there is already significant demand in the Kildare region, with over 300 would-be applicants registered with Homely to date. All of the available homes at Riverside Manor are A2 rated and feature air-to-water heat pump systems, dedicated parking, and 10-year HomeBond structural guarantees. Homely units will be available furnished or unfurnished, offering flexibility to suit a wide range of tenant needs.

The scheme at Riverside Manor will initially involve a total of seven homes, but Homely has the potential to add more units to the scheme, depending on interest levels.

Andrew Lynch, CEO of Homely, commented: “Riverside Manor is exactly the type of development where rent-to-own should play a role. These brand new, high-quality and sustainable homes are being delivered by experienced building partners but are likely to be out of reach for many people who cannot immediately access a mortgage under the current system.

Would-be applicants can access https://ownhomely.com/riversidemanor/ for more information. The new homes are also available to view by appointment.