PHOTO: SUPPLIED – Buyers can lock in a price now and take the bet that values will increase over the next five years.
A Christchurch property owner is considering a different strategy after his offer to have a buyer “lock in” a price and pay it in five years received a backlash online.
Les Collins, who owns a four-bedroom property in Christchurch, made the offer in the hope it would appeal to young buyers starting out without a deposit.
He offered to have them agree to buy the house at its current registered valuation of $420,000 in five years’ time. Between now and then, they could live in the property, paying a premium rent on a five-year lease.
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