Leased lots are more common around the lake than you think. Lake Homes Realty’s CEO, Glenn Phillips, shares why you should consider purchasing these properties.
- Common on Many Lakes: Larger lakes were built by power companies, and in order to maintain control of the surrounding land, they prefer to lease lots instead of selling them.
- Buy House, Transfer Lease: When buying a home on these lots, the lease will get transferred to the new owners of the property.
- Reconsider Time of Homeownership: There’s no need to fear the time length of a lease. If you want to stay longer than your allotted time, you can always renew it. If you’d like to leave sooner than expected, the lease will be transferred to your buyers.
- Can Still Finance a Home: Local lenders who are familiar with this structure will have no issue helping you finance.
Buying on a leased lot is a great option for buyers. Remember, you aren’t restricted to the timeframe of the lease because of renewal and transfer options!