BY THE NUMBERS
$100,000 Home Example
PurchasePrice..............................................$100,000
Option Consideration*...................................$7,000
Monthly Payment**.........................................$1,215
Monthly Rental Credit***................................$100
*Option Consideration is 7% of purchase price paid upfront
**Monthly Payment Rounded to the nearest $10.
***.1% of original purchase price is credited from the monthly payment if payment is made on time
Monthly Payments
Monthly payments adjust every 2 years at a minimum 3% increase from the previous period. In the example provided the payments would be as follows assuming the client was on our program for the length of time in the example.
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YEAR 1-2...................................$1,215
YEAR 3-4...................................$1,250
YEAR 5-6...................................$1,285
YEAR 7-8...................................$1,325
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Guaranteed Right to Purchase
Berry-Rock Homes extends a Guaranteed Right to Purchase indefinitely as long as our client is in good standing with the lease requirements. Our clients can exercise their right to purchase at any time. The purchase price is the original purchase price plus 2% if exercised within 6 months, 4% if exercised within a year, and 6% if exercised between 1-2 years, and 8% if exercised anytime after 2 years less the amount of option consideration and monthly rental credits incurred. See below the numbers for the $100,000 home example and the right to purchase.
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Right to Purchase Price Example
Within 6 Months | $94,400
$100,000 ( purchase price) x 2% = $102,000
$102,000 - $7,000 (option consideration) = $95,000
$95,000 - $600 (6 month rental credit) = $94,400
Between 6 Months and 1 Year | $95,800
$100,000 ( purchase price) x 4% = $104,000
$104,000 - $7,000 (option consideration) = $97,000
$97,000 - $1,200 (12 month rental credit) = $95,800
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Between 1 Year and 2 Years | $96,600
$100,000 ( purchase price) x 6% = $106,000
$106,000 - $7,000 (option consideration) = $99,000
$99,000 - $2,400 (2 year monthly rental credit) = $96,600
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Anytime After 2 Years | $97,400
$100,000 ( purchase price) x 8% = $108,000
$108,000 - $7,000 (option consideration) = $101,000
$101,000 - $3,600 (3 year monthly rental credit) = $97,400
