Home Buying in Cary>Question Details

Marty Firkle, Home Buyer in 11545

Cameron Pond- Rental of Inventory Home??

Asked by Marty Firkle, 11545 Tue Nov 25, 2008

I've been watching the Cary market for a while in anticipation of a corporate relocation to the area early next year. I have noticed there are several homes in Cameron Pond that have been on the market for as long as 18 months.. Do you think any of the builders in this community would be open to renting one of these homes, perhaps with some kind of option to buy in the future?
I realize this would be unusual and that the builders would rather just sell the inentory, but in this market I'm wondering if they might be open to renting one of the spec homes to at least generate some income on the house while waiting for the market to bounces back...I really like the Cameron Pond community and financially I am in a position to purchase in that price range, but I am reluctant to purchase as soon as we move due to concerns about how 540 will impact the area and we want to live in the area a little bit before commiting to a purchase... I would appreciate your thoughts....

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One thought would be to lease one of the resale homes in Cameron Pond that have been on the market forever. These sellers have likely moved on or are anxious to do so, and would welcome the income until they are in better position to sell. If you would like to monitor all of the homes for sale in Cameron Pond, use the link below and click on "search by neighborhoods". There is a link specific to Cameron Pond.
Web Reference: http://www.ClickCary.com
0 votes Thank Flag Link Tue Nov 25, 2008
It depends on the builder's situation, of course...I did have a client who did a lease purchase on new construction for 12 mos--but builders are sometimes reluctant to do them because many times the home doesn't make it to closing (depends on the situation and price range, of course--there are lots of variables). Sometimes they'd rather have the guaranteed income as opposed to letting the house sit vacant. Usually in that situation, we contact the listing agent/builder first to see if they'd entertain the idea of a lease/purchase before writing up an offer. I just moved back to Raleigh after living in Cary for 7 years, so I'm pretty familiar with the area (actually, I've lived in the Raleigh/Durham/Chapel Hill area since 1991)... Cameron Pond has been a pretty desirable location, but I do understand your hesitancy as it relates to I-540. Buyers/future sellers could look at it on both sides...ease of commute to I-540 or extra traffic/noise associated with I-540. Usually proximity to major transportation routes is a good thing (unless it's going right through the backyard). If you have questions about market data in that area, please let me know. I can pull appreciation rates nearby, sales data, days on market, list to sale price ratios, etc. if you're interested. Thanks and have a wonderful Thanksgiving!

0 votes Thank Flag Link Tue Nov 25, 2008
Hi Marty,

Each builder is different and you may be able to negotiate a lease / purchase option. You should bear in mind that there are considerable upfront costs to the latter. In the event that you do not purchase the home at the specified time you forfeit all of the funds that you paid for upfront. You're committing yourself to a contract at a future date. I do recommend that you have your attorney look over the contract.

Currently there are no rentals available in Cameron Pond.
If you are unsure of the area I would recommend you rent in the vicinity and get a feel for the entire area before committing to one specific location.

Good luck!
Web Reference: http://www.LizeteSantos.com
0 votes Thank Flag Link Tue Nov 25, 2008
I can't speak for any particular builder, but I have seen inventory homes rented from time to time.

It can't hurt to ask!
Web Reference: http://MikeJaquish.com
0 votes Thank Flag Link Tue Nov 25, 2008
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