Mixta Africa has launched its new ‘Rent-To-Own’ Product named ‘Duo by Mixta’. The launch was officiated by key industry thought leaders including; Sade Hughes, MD at Mixta Hospitality Company, Deji Ali, CEO of Mixta, Hakeem Oguniran, CEO of Eximia Real Estate, Babatope Davies, Vice President Real Estate Finance at Stanbic Ibtc Capital, Rolake Akinkugbe-Filani, Chief Commercial Officer of Mixta, Oladapo Runsewe, Projects Lead at Estate Intel, and Tosin Ajose, Founding Partner at Deal HQ Partners.

 

Image: Panelists during one of the panel sessions

From L to R:  Gboyinde  Sodipo of Mixta Africa, Dapo Runsewe of Estate Intel, Tosin Ajose of Deal HQ Partners, Babatope Davies of Stanbic Ibtc Bank, and Rolake Akinkugbe-Filani of Mixta Africa

 

Duo by Mixta is a simple and flexible route to realizing dreams of home ownership

According to Mixta Africa, Duo is a simple and flexible route to realizing dreams of home ownership. It is a ‘Rent-To-Own’ scheme for customers who are unable to pay outright or have delays in accessing a timely mortgage. 

The scheme’s process begins by allowing subscribers to pay a minimum of 5% equity payment towards securing a home.  Upon completion of the project in March 2024, subscribers will be allowed to pay rent for three years which upon completion, they will be given the option to pay the remaining value of the home in order to secure the home. Subscribers also have the option to convert to home ownership earlier than the 3-year timeline. 

The Duo scheme is only applicable to the fully finished 2-bedroom Marula Park homes by Mixta.  Marula Park is part of a larger estate development by Mixta Africa, Lagos New Town, off Lekki Epe Expressway. Common facilities to be provided in the development include: 

• Recreational facilities
• Gated community
• Access to Office spaces
• Local parks, and
• Local shopping complexes

 

The need for Rent-To-Own Schemes

Affordability is one of the major issues of housing in Nigeria, as many residents are not able to commit to the equity of home ownership. Mixta’s strategy to proffer one of the solutions to this problem is the ‘Rent-To-Own’ Scheme. 

Through this means,  a tenant can rent a specific property, while the rent contributes to the sale price of that property. This means that eventually, a tenant is contributing to the purchase of his home through the rent.

While emphasizing its importance, Hakeem Oguniran, CEO OF Eximia Real Estate, uniquely described the Rent-To-Own means of ownership as a mix of two types of home financing; outright cash payment and the mortgage payment. He also highlighted the major ways of housing finance in Nigeria, and the advantages of the unique method of the Rent-To-Own Scheme. 

The panel sessions also explored in depth the importance of the introduction of a scheme like Rent-To-Own into the Nigerian economy at this time. 

Tosin Ajose of Deal HQ Partners in one of the panel sessions noted that expenses (rent especially) should not just be sunk costs. Rather, it should create value at the same time being an expense. The Rent-To-Own Scheme is a great way to encourage such. 

 

We love your feedback! What do you think about the ‘Rent-To-Own’ scheme by Mixta Africa by sending an email to [email protected].