Hi,
As a strong believer in the philosophy of "the only stupid question is an unasked one", here goes...
Is it possible to buy land only, strike an agreement for someone else to build on it with rights for a fixed period (eg: 20 years) at which point the land (improved or otherwise) is handed back. Is there a name to describe this process?
For example, I'd like to live on the beach when I retire in say 20 years time. I buy a vacant block on the beach now, sell a 20 year lease to currently 60 year old retirees who build on it and live there, and in 2029 when they are being wheeled into an old age home, the lease expires and the house and land is handed back to me.
Noting that land appreciates and houses depreciate, this appears to me to be reasonable, and I feel it would be attractive to older people who liked the idea of not having to pay for the land, being able to live at the beach. Obviously only for those who don't feel compelled to hand their PPOR to their offspring in their will.
Anyone looked into something like this or care to comment?
Cheers,
MK
As a strong believer in the philosophy of "the only stupid question is an unasked one", here goes...
Is it possible to buy land only, strike an agreement for someone else to build on it with rights for a fixed period (eg: 20 years) at which point the land (improved or otherwise) is handed back. Is there a name to describe this process?
For example, I'd like to live on the beach when I retire in say 20 years time. I buy a vacant block on the beach now, sell a 20 year lease to currently 60 year old retirees who build on it and live there, and in 2029 when they are being wheeled into an old age home, the lease expires and the house and land is handed back to me.
Noting that land appreciates and houses depreciate, this appears to me to be reasonable, and I feel it would be attractive to older people who liked the idea of not having to pay for the land, being able to live at the beach. Obviously only for those who don't feel compelled to hand their PPOR to their offspring in their will.
Anyone looked into something like this or care to comment?
Cheers,
MK