Getting finance for a display home is not always easy. Most lenders won’t let you take a home loan on a display home or accept display homes as security for a loan. But it is possible to finance this unique type of property – let finweb show you how.
Display homes are the finest customised examples of what’s possible for potential buyers. The idea behind a display home is to fill it with top-end features to entice homeowners with a block of land to invest in the best of the best.
What many people don’t realise is that a display home can be an attractive investment in itself.
The biggest challenge is that many display homes are bought under a leaseback arrangement. This is where you buy a home and lease it back to the builder while it’s used for display. At the end of the leaseback arrangement (usually no longer than 24 months), you can use the home as your residence or continue as a landlord for other tenants.
However, some lenders won’t finance a display home until the leaseback period with the builder has ended and the home is available to new tenants. Others won’t touch it at all.
The number of options might be limited for display homes, but they do exist. Talk to finweb about the finance options available. We can help you understand the criteria lenders will look at and work out whether a display home is the right investment for you.