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To provide access to affordable, yet upscale real estate products, Mixta Africa, one of Africa’s largest real estate companies, has emerged with its new duo scheme; an innovative solution that aims to tackle the country’s growing housing deficit, by reducing the financial pressure of the home buying process for customers through a rent-to-own process.
The Rent-To-Own scheme offers flexible and accessible opportunities to live in one of Mixta Africa’s upscale, beautiful and serene communities on a lease, while working towards the option of an outright purchase and complete ownership at the end of a fixed 3-year period. It caters to the middle-income segments of the housing industry, focusing primarily on working families in Lagos.
Speaking on the new initiative by the company, the Chief Commercial Officer, Mrs. Rolake Akinkugbe-Filani, said: “The scheme is designed to ease the financial stress attributed to the process of home buying for potential customers, and leverages the experiences of other payment schemes in Lagos to provide a superior solution.
“This new scheme makes a considerable proportion of Mixta Africa’s more affordable real estate holdings available to willing customers who would be required to lease these property for a maximum 3-year period, after a 5 per cent non-refundable equity contribution from the total property price.
“The client pays an annual rent which is added to the 5 per cent contribution, and the total price of the property to be paid at the end of the lease period. After the lease period (3 years) expires, clients retain the right to make complete payment in addition to the initially contributed sum, to take full ownership of the property. Property title documents are only handed over to the client after full payment.”
Giving more details on the scheme, Mixta Africa’s Chief Financial Officer, Mr. Benson Ajayi, said: “It is believed that the simplicity of the scheme and its competitive entry point will lead to its rapid adoption and overall success.”
