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When many buyers hear the term land lease, they run for the hills. Many only think of the negatives associated with buying into a building that rents the land under it, but there are some benefits that are often overlooked.

Jacky Teplitzky of Prudential Douglas Elliman says before you rule out one of these buildings, you need to know these leases are all different and you need to judge each building individually.

"Each land lease in each building has different terms. So it's very important to know which questions to ask,' says Teplitzky.

Some argue that owning in a land leased building leaves a lot of uncertainty when the lease expires. What will happen to monthly fees? What will happen to property values? How will it impact financing? Teplitzky says you first need to find out how much time is left on that lease and ask yourself how long you plan to be there. Some leases can be as long as 99 years so the looming expiration date may not affect you.

Real Estate Attorney Lior Aldad says buying into a land lease is a little extra work, but it could be worth it. Aside from the building itself, you also need to do your due diligence on the land owner and the terms of their contract.

"People must do their due diligence and look into the duration of the lease. Whether the lease has an option to extend, whether it has an option to buy, what are the default provisions of the lease," says Aldad.

These answers will determine the risk. Also, find out if the building has a plan in place already for when the lease expires and do the building’s financials support that plan.

Financially speaking, land lease buildings often have higher maintenance or common charges. But because of that they usually have lower asking prices. And sometimes developers offer more to make up for the land lease.

"They compensate. So they will build a better building, they will build larger units, they will give you more amenities," says Teplitzky.

Additionally, landowners sometimes pass along their tax incentives to tenants. So before you rule out a land lease, make sure understand the ins and outs of the deal.