KENNEWICK, Wash. —
It’s not easy to purchase a new home right now. It’s expensive, however two local developers have come up with an idea to make it affordable.
A new housing development near Southridge High School is being built with one goal in mind to make buying a new home accessible to everyone.
The catch 22 is you would own the home, but not the land.
This type of project hasn’t been seen in 40 years.
Ben Harris and his partner Brad Beauchamp have seen the housing market prices raise up.
“They’ve really become unattainable,” said Harris. “Unaffordable for most people.”
Sunridge housing development is a concept where it’s like renting from an apartment but, you would benefit from it.
“Here at Sunridge we have a lease lot community, which is kind of a hybrid between apartment living and single family homes,” Harris said.
Harris said you buy the home but, lease the lot.
The price of the lot is $350 a month. The price of the homes according to Harris will range from $245,000 to $350,000.
“A portion goes to the landlord, but you own your own home. You have roots in the community, pride of ownership and equity.” said Harris.
Dave Retter of Sotheby’s International Realty has been in the realty business since 1979 and says this is the way to keep houses affordable
“This is really almost the only way where you can keep prices down,” said Retter. “helping people get into homes that maybe otherwise couldn’t afford to buy a brand new home.”
According to Retter the land leasing has been done before in the Tri-Cities.
“Back in the 70s there was the state of Washington had some land out in the Richland Meadow Springs area and they did leased land. Builders built on the homes and they buyer would then pay the lease market for the land versus owning and it was very successful and went over well,” said Ritter.
Harris says they have eight houses that will be listed in April.
Harris tells me “Once we get the asphalt down, we’re just going to carry on and they can build four to eight homes per month.”
Harris said he and his partner have done a project like this in the past with manufactured homes.
According to Harris the problem with manufactured homes is the down payment, it’s more expensive.
I asked him what if there is any difference if you live in one of these homes when and if you go to sell it.
He said the process is just like selling your house.
The money you make off the sale goes to you and the new owners would just have to pick up and sign a lease agreement from the landlord.
The new community is gated and will have a dog park and pickleball courts along with other amenities.
