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, as we explain in the episode, it’s far from easy and there’s a lot that can go wrong. Lease options aren’t something you can just dabble in and this episode won’t give you anywhere near enough information to start using them, but it should be a good starting point to help you decide whether they’re worth exploring further.
Resource of the week
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.
News this week
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.
This week’s mentions
We’ve put together a survey for property investors, and we’d love for you to get involved! It will only take two minutes and is completely anonymous, and the data should allow us to share some fascinating conclusions with you.
To take part, just visit thepropertyhub.net/survey.
This week also saw us a property jobs board within The Property Hub. The service is totally free for everyone, and we’re hoping to be able to match up our super-smart Hub members with some of the best roles available.
One of our first jobs is from our friends at HOMEsure, who are looking for people to get involved with their exciting new personal estate agent concept. Take a look!
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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