Why Buy a Lake Home on a Leased Lot?

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.

1. 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.
2. Buy House, Transfer Lease: When buying a home on these lots, the lease will get transferred to the new owners of the property.
3. 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.
4. 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!