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!
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.
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.