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| Name: |
suzyq
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| Subject: |
Leased Property
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Date:
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7/21/2009 8:46:01 PM
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We are considering buying a house that is on leased property and would like to know if this is wise or not. Would greatly appreciate any info good or bad, thanks.
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| Name: |
Maverick
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| Subject: |
Leased Property
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Date:
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7/21/2009 9:18:07 PM
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Go to John Coleys website lakemartinvoice.com and he did an analysis of this question a couple of years back. Cannot find the exact URL for the article he wrote, but maybe you will have better luck of John will post the URL for you.
Just take into consideration when he did this analysis the Lake Martin values were at an all time high, so you are going to have to discount his analysis somewhat.
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| Name: |
lucky67
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| Subject: |
Leased Property
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Date:
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7/21/2009 9:24:39 PM
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i finance leased property at the lake--it is unique & there is info you need to know that some in-state & all out of state lenders still dont understand--John Coley can give you my contact info--just closed one last week that he sold
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| Name: |
Kizma Anuice
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| Subject: |
That depends
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Date:
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7/21/2009 10:24:18 PM
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Your are really entering into two transactions. First, you are purchasing the improvements to the raw land. Second you are assuming the lease.
That being the case, you must decide if the price being charged for the improvements is a fair price. If the price of the improvements is not fair you should walk away. If it is fair, then you move to the next decision.
Is the price paid for leasing the land a fair price. Normally, in the past it has been more than fair. That is because the monthly payments are determined by the value of the property being leased. If there is no escalation clause in the lease, and the price to purchase like property has increased then the lease is a good deal if there is sufficient time left.
If, as has been the case for the last two years, the price for real property is falling and there is no clause in the lease that would reduce the payments if the value of like property declined, then a lease is a bad deal.
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| Name: |
John C
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| Subject: |
Leased Property - answers
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Date:
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7/21/2009 11:04:04 PM
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suzyq- here is a link to an article on my blog, it also links in 2 more that I have written over the years.
other folks - thanks for the mentions.
the only change since these have been written is that new leases from AL Power increase CPI or 4%, whichever is greater, each year. That's new leases, mind you, that would not apply if you assumed the old lease of the home you are buying. That is why I advise getting a copy of the lease for any home you are interested in, or at least the particulars, so that you can compare all of the details vs the competition, and past sales.
Really, it's just like deeded lot homes. It really pays to shop around and get a perspective on what you are getting for your money.
URL: Low CPI is Good News For Leased Lot Homeowners On Lake Martin
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| Name: |
suzyq
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| Subject: |
Leased Property - answers
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Date:
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7/28/2009 7:46:34 AM
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Thanks for your help, we were suprised at the positive aspects to leasing a lot.
However we have decided to add on/remodel our existing homes that is on the water. Would like to know if anyone can recommend a good architect or contractor, also would like to know the approximate cost per sq ft that we can expect.
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