How is the rent calculated?
Rent is calculated based on the value of the share retained by B3@Home at the time of your first purchase. The annual rent is set at between 2.5% and 2.75% per annum of this value.
For example – you buy a 50% share in a property valued at £200,000. The value of the equity retained by B3@Home is £100,000.
£100,000 x 2.5% = £2,500 per annum, or £48.07 per week.
When can I buy more shares in my property?
You can purchase additional shares in your property after 1 year from your initial purchase. You can eventually own the property outright and this is called 'staircasing'.
The cost of any further shares will be based on the open market value at the time you apply.
If you do buy more shares, the amount retained by B3@Home will reduce and your rent will be reduced accordingly.