Where is the value if not in the upfront model home discounted price?

Other than price appreciation over time which can be significant, the added value is in the specifics of the lease and purchase contract itself. The terms can widely vary per builder. Do they pay taxes? Do they pay HOA? Do they pay for all maintenance/repairs? Do they help me resell the home at lease end? Do they pay above market rent? Do they assist with my closing costs? Do they leave all the appliances and window treatments? Do they convert the garage at lease end? When totaled, all these items can add up to several thousand dollars over the term of the lease. In a nutshell, the hidden value of the model home leaseback program is the total of all the incentives, the lease rates and the expense shifting that occurs in the structure of the lease.