Has anyone used HomeNow?

Stardustjunkie

An advert has popped up on my Facebook page for a company called HomeNow.

They essentially buy the house you want, you pay rent for 5 years, if the house value increases then you get 30% of the increase to then put down as a deposit for the property, which you then buy from HomeNow. Alternatively you can leave the scheme at any time.

The idea is to support renters struggling to save for a deposit

Its peaked our curiousity as we have been saving our butts off but still miles off a deposit all the while we’re paying rent in an expensive area. Is it too good to be true?

https://www.homenowuk.com/

greatcrested

What could go wrong?

https://beta.companieshouse.gov.uk/company/11307331

davidmcn

See previous thread (about their earlier trading name):

https://forums.moneysavingexpert.com/discussion/comment/76107391#Comment_76107391

Stardustjunkie

greatcrested said:

What could go wrong?

https://beta.companieshouse.gov.uk/company/11307331

I’m not sure if your post is sarcasm or not? I’ve looked on companies house but I don’t know enough to get any strong feelings either way. Are there red flags?

FreeBear

Red flag, sure. A whois lookup on the domain shows -

Domain Name: homenowuk.com
Creation Date: 2020-04-15T13:19:36Z
Registrar: GoDaddy.com, LLC
Registry Registrant ID: Not Available From Registry
Registrant Name: Registration Private
Registrant Organization: Domains By Proxy, LLC
Admin Name: Registration Private
Admin Organization: Domains By Proxy, LLC

A genuine company has no need to hide behind an anonymous domain registration, and as for using GoDaddy....fer...sake...

csgohan4

Facebook/social media + Ad= Scam usually

Stardustjunkie

I feel like I know nothing, and I work as a marketing manager for an international private healthcare company. Facebook ads don’t scream scam to me, they’re a really effective form of advertising if done correctly. GoDaddy doesn’t scream red flag either.

I am taking all of this on board though and it’s making me think about things differently. Please keep sharing concerns/red flags or experiences. Thank you. 

Stardustjunkie

I’ve just found this thread from last year which is an interesting read. I can’t find any threads for HomeNow, but it seems this is the same company: https://forums.moneysavingexpert.com/discussion/5963942/anyone-heard-of-bomad-homes/p1

edit: just seen the comment above referring to this thread too - thank you!

GDB2222

From the example on their website, they may be charging above market rents. £17k pa rent on a £300k property. Since the deal they offer is specific to you and the property that you choose, it’s not possible to say whether it is definitely a good or a bad deal. 

Stardustjunkie

GDB2222 said:

From the example on their website, they may be charging above market rents. £17k pa rent on a £300k property. Since the deal they offer is specific to you and the property that you choose, it’s not possible to say whether it is definitely a good or a bad deal. 

I did think this. I wondered what the rent would be for a £270k property here. In order to rent a similar sized property, we’d be looking at about £1-1200pcm. We currently live in a tiny flat for £575pcm, which is up 6 flights of stairs, terrible road to live on (cars constantly damaged etc and there’s an assisted living place opposite so often full on slanging matches etc in the street), fairly modern but water pressure is awful so showers are horrendous etc. We stay here because it’s one of the only places we can afford, whilst still saving for a mortgage. So for us it’s an attractive idea, if it’s safe and legitimate.

Stardustjunkie

Smodlet said:

Stardust"junkie" (?)  Perhaps your user name should be "babeinthewood" or something equally naive.  Do you really need other posters to do the most basic research for you?  There is the internet for that.

!!!!!!, it is probably time I got banned.  If it can happen to G_M...

Silly me, I thought these forums were for advice and support on financial issues.