By buying a house on option, you can put down as little as one pound and pay filing fees and live in the house for up to three years before you take the option to buy at the end of the lease agreement. This isn’t for everyone, but below we have what you need to know if renting a home in the UK for £1 interests you. Getting a “one pound house” and living there is easier than you might think!
- Sign Option Contract – The first thing you need to do is find a seller that’s willing to sign an option contract with you. This piece of paper is a legal way of a seller saying that they will allow you to pay the current price of the property at the end of the contract – or at any time before the end of three years.
- Get a Lease Agreement – You can make sure the option contract states that you are able to use the asset (in this case a home) until the terms of the option contract are fulfilled. At that point you’ll have an option to buy at the price when you signed the contract – not the current value of the home.
As you can see by the second point, if you play your cards right, you can end up buying a house for less money than it’s worth – which is a great investment. You need to take care of the property for the period of the option contract, of course, but this is more than worth it for some people. Renting with the option to buy can benefit you in many different ways, which is why so many people are taking advantage of option contracts and the “one pound house.”
An option contract is not for everyone, but if you have good credit and the money to buy a home, this can be a good way to rent a home in the UK for £1 for the length of the contract and then purchase it for the price of the home when you signed the contract. You just need to make sure you have enough money to pay for the house at the end as well as keep up the maintenance of the property in the meantime.
The idea sounds good, isn’t? but If you want to learn more about this and other real estate opportunities in the UK currently, be sure to visit Lisa-hayes.co.uk to learn more. In most cases, you’re going to be able to get more than a dollar for your property. If you have any questions or concerns, feel free to leave a comment below.
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