Why Should You Lease a Luxury Property
Depending upon your personal life needs, leasing a home may be a better option for you right now rather than purchasing one. There are several advantages to leasing a luxury property and many great properties for lease in Hollywood Hills. The largest benefits center around finances and freedom.
Before you decide to lease or purchase a luxury property in or around L.A. it is a good idea to investigate the advantages and disadvantages of leasing a luxury home. Here are some of the advantages of leasing a luxury property.
You Are New to the Area
If you are new to the Hollywood Hills area, leasing a home can give you the opportunity to get to know the area better before making a longer-term commitment by purchasing a home. It can help to eliminate any buyers’ remorse should you not love the neighborhood you are in.
Less Money Invested
Leasing a home only requires a security deposit and maybe the first and last month’s payment whereas purchasing one requires a hefty down payment. It costs less money upfront to enter into a lease agreement than to put money down on the purchase of a home. Leasing also does not require the process of being approved for a loan, it only requires the approval of the homeowner. Leasing also releases you from property tax responsibilities, insurance, and interest on the mortgage.
Fewer Repairs and Maintenance
Depending upon the lease agreement, your monthly housing expenses will be limited to the monthly payment and utilities not included in the lease agreement. Repairs are the responsibility of the homeowner unless stated in the lease agreement.
Lease agreements are set for a specific amount of time, most often 12 months. When the lease agreement is at an end, most leases will allow you to choose to purchase the home or move on to one that would better suit you (unless the lease is written stating the lessee will purchase the home at the end of the lease term). Most leases will refund the security deposit amount if the home has remained in the same condition or better when you move out.
Moving out of a home that you own requires listing it for sale and the waiting period of receiving an offer and then closing on the offer. If you are not expecting to stay in an area for at least five years, leasing is the more fiscal-friendly option.
Avoid Market Fluctuations
Leasing a home means that you will not be impacted by the effects of property gaining and losing value with market fluctuations. This is why real estate is best when planning to invest long term.
Let us help you find a great Hollywood Hills home for lease. We are experienced and knowledgeable in all areas of the Hollywood Hills luxury home market. For more information on leasing a home in Hollywood Hills please contact me any time.
Contact me today to learn more about my current luxury lease listings, rental properties for sale, and property management opportunities in Los Angeles and surrounding cities, especially in Hollywood Hills CA.
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