Minister of Housing and Lands, Michael Lashley, will on Saturday, May 23, launch a pilot of the Rent-To-Own housing programme at Airlie Heights, Cave Hill, St Michael, beginning at 3.30 p.m.
According to Mr. Lashley, although the model is new to Barbados, it has been introduced in Trinidad and Tobago and England, and ???is a very attractive concept that would capture those persons who cannot go out there on the private market and rent or purchase a property, or purchase a house from the state.???
Rent-To-Own, also known as lease-to-own or lease purchase, is a contractual agreement between a tenant and a landlord for a specified period of time, usually five to seven years, followed by a purchase contract.???? Based on the terms of the contract a portion of the rent is paid towards the eventual purchase price, and the tenant/buyer has the option of buying the property at the end of the term.