Among the variety of ways you can purchase a home, a leaseback stands out as an enticing choice. This real estate opportunity offers unique advantages for both the buyer and seller alike. You commonly see these types of properties on the market with newly constructed homes.
What can you expect when purchasing this type of property? A leaseback is a real estate contract where the seller of the property remains a tenant after selling the property to the buyer. In this arrangement, the terms and conditions including duration of the lease and rental amount paid to the buyer are negotiated as part of the sales agreement. When a builder or developer sells a leaseback, this allows them to showcase the home as a model for a specified period.
Can you benefit from buying a leaseback home? Here are three buyer advantages that come with entering a leaseback agreement.
During the contract period agreed upon, the seller (now tenant) remains responsible for maintenance and upkeep. When a leaseback home is used as a model home for showing, you can expect the builder to keep the home in the highest state of quality and cleanliness.
Once the duration of the leaseback is over and the sellers have vacated the property, you can expect a move-in ready home welcoming you with open arms.
Buying a leaseback home can be especially beneficial if you are not looking to move right away.
No one likes the chaos of planning your move around a tight window once you purchase a new home and having to vacate your current one on a deadline.
If you’re not quite ready to relocate but don’t want to miss out on securing your future dream home, a leaseback allows you to do so while maintaining your current lifestyle for however long you would like. This way, you are more readily prepared to make the big move once the leaseback term comes to an end.
Model Home Advantage
Most leaseback properties you see are newly constructed properties built in mind to be used as a model home by the builder. They may also be situated in prime locations within the neighborhood with the most attractive upgrades and features built in. A leaseback model can be a great opportunity to get the most features while having the builder maintain the home in top shape while they remain there.
Ready to explore the benefits of purchasing a leaseback home? Not only can we find the right home for you, but we will help you carefully review the terms of agreement between you and the seller. Our real estate professionals can help you navigate the process of entering into a leaseback agreement. We’ll make sure you are comfortable with terms such as duration of the lease, rental terms, responsibilities, and any potential restrictions.