We’ve never done a lease option, but they get talked about a lot and some people have had big success with them. So we thought we should dedicate an episode to explaining the basics.
As the name implies, it involves taking an option to buy a property at a set price in the future, and leasing it from the vendor in the meantime. In theory, this is great. It gets the vendor out of a tricky situation, and creates an income stream for the vendor without having any of their own money tied up.
So why have we never done one? Well, we explain all in the episode so hit that play button to find out!
The site itself is a dashboard for managing domestic bills. But the feature that got us most excited is Loctable search.
All you need to do is put in a postcode, how near you want to live to it and by what mode of transport, and the map will show you all the areas within range. You can then filter by property prices, and possibly identify areas with useful transport links that are undervalued compared to their neighbours.
This week’s story is from the Guardian, which reports that London asking prices fell last month. Meanwhile, the rest of the country is pretty much flat.
It’s only one month’s data and we’re not calling the top of the London market, but it’s worth keeping an eye on the figures and seeing if the capital is finally cooling.
Join the conversation!
Have you ever successfully done a lease option, or attempted to?
Is it something that appeals to you, or will you be sticking to more conventional approaches?
We’d love to know, so join the discussion in The Property Hub!
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