Recent news from the property market paints a gloomy picture for those who might have been hoping to purchase their own home. House prices rose in the South-East and London in May and recent news confirmed what we all know – our housing costs are some of the highest in Europe!
However, it’s not all doom and gloom, by learning about property lease options you may be able to get your foot on the property ladder without having to hope that you find a pot of gold at the end of the rainbow. In the conventional property market there are numerous barriers to home ownership that property lease options and rent to buy can help you to avoid.
Renting and Moving Costs
Your income may be enough to make your mortgage payments easily, but before you can get the mortgage and buy a home you have to save up for a deposit. The numerous ancillary costs associated with renting can soon eat into your savings. Moving from one house to another when a tenancy ends isn’t cheap!
Difficulty Planning
Then there is always the worry that when you have finally saved up that deposit you will find that the house market has gotten ahead of you. Your planned deposit amount is no longer enough and you are stuck playing catch-up.
Restricted Choices
For families there is another particular barrier. Work and school commitments can very much narrow down the areas in which you are able to live, so that the decision you make today could hamstring your property search in years to come. If there are no properties for sale in your area when you are ready to buy you could be forced back into renting.
With property lease options and rent to buy, all of these barriers can be smashed down. You agree ahead of time when you will have the option to purchase the home and for what price, making planning for saving much easier. You have a long lease period in the home that you are going to own, drastically cutting your moving costs and all those little extra expenses. Knowing that you will be able to purchase your home you can settle into the community, sending your kids to the local school without worrying that you will need to move them in a few years.
Learn more about property lease options with our other articles here.
Hi Mark,
I have never considered this as an option for me to get on the housing ladder but now this is very appealing. I have struggled to get a deposit together because the cost of living is so high at the moment. Therefore the idea of being able to live in a home I could call my own for a small deposit is amazing. How do I find these opportunities?
Denis
I completely agree with this article. My wife and I (recently married) have been saving for a deposit on a house for quite some time and to be able to afford anything half decent near to us we needed a deposit of £20,000. Having paid for the wedding recently we have really struggled to save a deposit and you are right when you say moving at the end of a normal tenancy has its costs. I didnt think we would ever get a house until we came across someone offering a rent to buy on a house that we really like.
We are now settled in a house that we paid £5,000 upfront for. We pay something every month and we know we can buy at a fixed price in time. It has worked really well for us and I must say thank you for the help you gave the seller in structuring the sale to us.
All the very best,
Jack
I am interested in buying a one bedroom flat. I am in full time employment and my earnings are sufficient to pay mortgage. I also have sufficient funding.
Please advise
Dear Khurram,
Thank you for taking the time to comment on the Lease Options Made Simple website.
We have sent an email to you so we can discuss your situation further.
Many thanks
Mark