El alquiler con opción de compra en España. Valoración de sus principales alternativas

Leasing transactions have gained lot of importance on the housing market due to the current economic crisis, in which there exists little access to the credit from the financial institutions. The aim of this paper is the financial analysis of this transaction, addressed to the decision making process by the lessor and the lessee since, contrary to the bank financing, the leasing is usually a contract negotiated between both parties where none of them imposes its conditions on the other one. The methodology used distinguishes between commercial and speculative purchase, and the solution offered is based on the use of incomes and the calculation of the implicit cost. The principal contribution of this work is the introduction of the so-called points of indifference, which are presented as a new concept which collects, in a unique parameter, all the variables involved in this class of transactions. This will allow us to compare both alternatives, providing different points of inflexion that can be used in the negotiation.