Leasebacks provide peak flexibility

If you’re building a home, you need to know about leasebacks. Even when construction seems to be going perfectly, there’s always a chance that supply chain interruptions, weather, a pandemic, or other unexpected situations can create a delay.

Life can get tricky quickly if you already own and live in another home — especially if you want to sell your existing home before the new one is fully built and ready for you to move in.

Dig into the details

A leaseback is an agreement in which the home seller rents the house or condo from the buyer for a pre-determined amount of time at an agreed-upon price. The specifics are decided at the time of purchase before closing on the loan.

So, if you’re in the process of selling your house or condo, and your new home is still under construction, you may want to consider a leaseback. This can help you avoid the need to find temporary housing and put your belongings in storage while waiting for that final walkthrough of your dream home. This can be a smart strategy since rental properties are hard to come by these days.

Whether you’re still choosing a blueprint or you’re already deciding what light fixtures you love, this is a good time to learn more about leasebacks. Contact us today with any questions you have about leasebacks or construction loans.