The luxury lifestyle is something that everyone would love to ensure for themselves, and Magellan Development Group’s RentBUY program is making this possible for our residents and potential renters.
Maybe you want to test the waters in your new apartment before you buy in one of our buildings. Maybe you think you might have to relocate in a few years but still want your rent to be an investment should you stay in Chicago. Maybe you aren’t ready to put down a down payment and have a mortgage. Whatever your situation, you can make the best of renting an apartment in one of our Lakeshore East buildings by enrolling in our RentBuy program.
Simply put, we allow you to dedicate part of your rent every month toward buying a home in a participating Lakeshore East condominium development. You can enjoy life as a renter while building equity in a future home at Lakeshore East. All you need to do is enroll in the RentBUY program through your leasing agent when you sign your lease for a new apartment in Aqua, The Tides or The Shoreham. There is no cost to enroll in the program!
Then, once you move in, up to 25% of your monthly rental payment can be applied toward RentBUY. You can build up to 2.5% of the purchase price of your new home by participating in our custom rent to own program.
Renting to own at Lakeshore East: The Benefits
- Equity growth: Your rent payments will actually go toward an investment and toward equity in a home, effectively lowering the sales price on your Lakeshore East Condo.
- No Taxes: Since you do not own a condo in one of our buildings yet, you will not have to pay property taxes. Your only fee in order to enroll in RentBUY is your monthly rent!
- Extra Time Before Purchase: Before you buy a condo, you will have at least 6 months to get to know the neighborhood, your building, its amenities and the downtown area. Whether you need to investigate local schools, build some credit or savings or just get the feeling of owning in Lakeshore East before you purchase, you can take your time to do so while also building equity if you participate in our RentBUY program.
- Flexibility: You can read all of the rules and restrictions for our RentBUY program here (link). You’ll see that renting to own through our RentBUY program gives flexibility on when you purchase and how much of your rent you dedicate to your eventual purchase each month. By working with your leasing agent and our realty team, you can work out the specifications for your personal RentBUY agreement that work for you and make it the best investment for you to rent to own at Lakeshore East.
- Bang For Your Buck: If you are looking at acquiring a home in Chicago, you should definitely make sure you are getting the best home your money can buy! By renting to own at Lakeshore East, you are using your rent money to earn equity in some of the best realty in Chicago. Compared to what you might qualify for if you purchased a condo in the traditional manner, the amenities and location of Lakeshore East make renting to own there an incredibly worthwhile investment option.
Renting to own can help you move into luxury real estate in Chicago right away, and once you’ve tried out the Lakeshore East lifestyle, we’re sure you’ll be hooked. By leveraging your rent payments to help you make your purchase, you can transition into a condo that you’ll love.
