No, your Ring33 Home must be your primary residence, and you cannot sublet or sublease a portion or your entire home. However, you may do "hosted" short-term rentals (e.g. hosted Airbnb) in your home, upon our rent to rent option, to the extent permitted by, and subject to, local laws, rules, regulations and restrictions, and the rules, policies and procedures of any applicable rental platform. Please talk to us to learn more about the process. In any event, your Home must remain your primary residence at all times.
Absolutely. Upon the previous owner agreement, You can generally make improvements or modifications to your home that won't do things that hurt both parties, such as impacting its structural integrity, reducing its value or damaging its landscaping. We just ask that you notify us and give us copies of plans and specifications.
Ring33 owns the title to the home on behalf of one of our selected partners, until you buy it from us.
At the time we lease you a home, you enter into two agreements:
At the end of year 3, you can buy the home from us in the traditional way, but the downpayment requirement will be partially covered by the amount we'll give you back. In 3 years you'll have earned 10% of your Home purchase price. This will make the process much easier.
Ring33 is the middle ground between renting and owning, so you'll run the show while you're in your home and be responsible for maintenance.
No. Ring33 handles within the Ring33 monthly payment property taxes and home insurance.
You do need to obtain renter's insurance though, through our insurance partner.
Your monthly payment is based on the value of the home you select and will not rise for 3 years. This is the only monthly payment you'll ever make to Ring33 for the home linked to the Ring33 service, until you buy it. No hidden costs and no hidden fees, ever. You'll get:
Don't worry, at the moment you don't have to pay anything and the qualification is free of charge. We'll ask you a 3 months deposit just before the leasing period, as normally occurs with a rent, which is equal to 3% of the home value.
After we receive all the documentation, we will be in touch between the next 48 hours.
As you've already answered some preliminary questions with our pre-qualification form, you're getting closer to getting your qualification approved. Later on, we'll ask you to provide us with proof of the information you've given, including proof of income, to get the full picture completed.
We'll ask you to provide the information to our credit scoring partner, Faire.ai. Besides, the documentation needed is: your ID, your last tax return report and your last paycheck. We will then work with you to determine your buying power and affordability of the property you've selected.
If we happen to need any other information, we'll reach out to you.
You are free to find your home from our catalog however you'd like. We can support you in the research or you can use our search engine. As a standard banking rule, you should consider properties with a value you could cover with your yearly net profits in no more than 15 years.
No, Ring33 is not a lender and you are not getting a mortgage. We lease the home from one of our partners, and you make monthly payments, building toward ownership with each payment. At year 3, you can buy the home from us in the traditional way, but the down payment requirement will be much easier, as you have been paying part of the purchase price in your monthly rent.
When you'll buy the house from us, you will receive back half of the rentals you've paid during the leasing period: at that time, you'll have saved an amount equal to 10% of the agreed strike price.
This doesn't mean that you're forced to rent the house for 3 years or to buy your home from us: if you decide to move out at year 3, nobody will question you about it, and during the leasing period you'll have paid a rent as you normally would.
Ring33 is creating a new path to home ownership in the cities where it's very expensive or even cost-prohibitive to buy a house. Currently, we've started our service in Milan.
As a matter of facts, most people are renting as other ways are not available, or because it's not the right time to buy a house. Doing so, it's a dead end: every month, you pay just to stay in a place, while the rent increases, and saving money gets harder.
With Ring33,, we support your pathway to buying a house at no compromises: you find the house you like and we lease it to you. You move in, paying us a monthly amount equivalent to a common rent, and after 3 years you can purchase the property at a predetermined price.