First Numai Client Bought Their Home Out

Numai, a real estate company offering the "Rent to Own" home acquisition service, concluded its first purchase and sale agreement, whereby its first tenant client immediately became the owner of their home. The client went from tenant status to homeowner in just six months.

An IT specialist who recently moved to Estonia with his family learned about the "Rent to Own" service from his real estate broker, who helped the family search for a home. "This option suited us perfectly, since we wanted to live from the start in our own cozy home rather than in some random rental apartment," commented Numai's first client to become a homeowner.

Since banks are not quick to issue home loans to foreigners who have just moved to the country, the family decided in favor of the "Rent to Own" service, so they could already live in their own home while simultaneously saving money for the purchase of the property.

"Numai's experience shows that the rental period under the 'Rent to Own' service averages between 2.5 to 3 years, and typically during this period the buyer has resolved their financial issues and can become the true owner of their home," commented Numai Estonia's managing director Erve Lettermo.

The company's statistics show that it takes Numai clients two years less time to accumulate the necessary down payment than it does for people who purchase a home in the traditional way, who rent someone else's home and save in parallel. Thanks to the shorter rental period, the total amount spent on rent for Numai clients is ultimately lower than it would be otherwise.

"The biggest advantage, however, is that a person does not have to live in someone else's home for years, but can move into the selected home immediately and design it according to their taste without fear that the desired residence will be sold to someone else while they are accumulating savings," added Lettermo. "However, our first client to become a homeowner was exceptionally smart and managed to complete the home purchase transaction in just six months."

The newly minted homeowner said that their family handles money very well, saves purposefully, and keeps a book to plan the family budget, which helped their dream home come true quickly. The new Estonian residents now live in Pirita, both parents work and study Estonian, and their youngest child attends an Estonian-language preschool.

"Although before moving to Estonia we visited Tallinn only once on vacation, we liked the local community and climate very much and want to stay here for a longer period, so it was immediately clear that we needed our own home," added the Numai client.

Numai's home purchase plan provides for the buyer to select suitable living space, Numai purchases it, while the client can immediately move into the new home, furnish the apartment according to their taste, and initially pay rent to Numai while saving money for the purchase of the home or a down payment on a bank loan.

The real estate in Numai Estonia's portfolio is located in Tallinn and Harjumaa, with the residential spaces in Harjumaa having a construction date no earlier than 2000. The average home buyer is 35-40 years old and a parent, and the main requirement is a home ready for immediate occupancy or a newer development.

Numai is a Lithuanian company that brought the innovative real estate purchase service "rent to own" to the Lithuanian and Estonian markets, which allows people to initially rent selected real estate and then purchase it. The real estate in Numai's portfolio exceeds 27 million euros.