Have you been approached by a cell phone company about leasing out a piece of property you own so the mobile provider can build a tower there? Maybe you haven't been approached but you are interested in leasing out a significant amount of land for this purpose? Here's what you need to know about a potential wireless lease buyout for your land and why it might be a good idea for you.
Cell Phone Providers Want Reliability
Cell phone providers are always looking for new places to set up new towers. Every major cell phone provider in the country is in a constant arms race to have the most reliable network with the best coverage and they can't let things slip if they want to retain customers or gain new ones. This is why cell phone providers are always looking for new opportunities to set up another tower. The more towers they have, the more reliable their network is for customers. But why should you as a property owner care about getting involved?
You Can Get Financial Stability
If you own a piece of land that is seen as very desirable for the placement of a new cell tower, you choose to lease out part of this land so that the mobile provider can put up their new tower. In exchange for letting the cell company do this, you will be able to receive financial stability for you and your family. What form this financial windfall takes may be up to you though.
Regular Lease Payments
It's fairly common for a cell phone provider that wants to use someone's land for a cell tower to make regular lease payments. This could be monthly, quarterly, or however often the terms state in the lease. This can be quite beneficial to the property owner because it's a source of regular income on a set schedule.
Lump Sum Payment or Buyout
There may come a time though when you are looking to get a bit more money right away. Perhaps you are nearing retirement age and want to be set for the future. Maybe you need some extra cash for a down payment on a new house. Maybe you just want to cash in and enjoy the good life with friends and family.
In these scenarios, you could approach the cell provider about the possibility of a wireless lease buyout. You will be given a lump sum payment that essentially pays off the remainder of the lease for the mobile provider. In some cases, it won't be paid off but the wireless provider's future lease payments will be much lower because you'll be getting most of it up front through this lump sum or buyout payment.
Contact a local service provider to learn more about cell tower lease buyouts.