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Sharon Alters' Blog

By Sharon Alters (904) 673-2308 | Agent in Fleming Island, FL

Should We Rent our Jacksonville FL house with an option to buy?

What do you think about renting our Jacksonville FL house for a year to a tenant with an option to buy?
That is a great question! It is certainly an option for Jacksonville FL sellers to rent their home with an option to buy vs. keeping the home for sale, hoping the right buyer at the right price will come along.
Prospective buyers who rent a home in Jacksonville with the intention to buy in a year will pay more in rent. They will pay close to or equal what their mortgage payment will be. They will treat the home as if it were their own, and will pay a nonrefundable deposit. The deposit will be larger than a simple month's rent, and the seller can use the money to offset any damage or lack of income when they put the home for sale again.
The Jacksonville FL real estate market is one of the top 10 in the country where it is more affordable to buy than rent, according to Trulia. Buyers who have cash but may have credit challenges can benefit when a Seller is in the position to let them rent with an option to buy in a year. They can live in their new permanent home and part of their rent and their deposit will go towards the purchase. It is a forced savings account.

What are the disadvantages?

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By Airmd Mold Tester,  Wed Feb 2 2011, 08:15
Either renting or buying I would highly recommend having a mold inspection completed. The last thing you want to do is live in environment with a high level of mold spores.

By Sharon Alters (904) 673-2308,  Fri Feb 11 2011, 07:40
You are right Airmd Mold Tester. Nobody wants to live in a moldy house. Our home inspector recommends if he thinks it is necessary and we have had some people who want to do it even if he doesn't for various reasons. We have a disclosure notifying every Buyer that they can do a mold test if they want to do so.
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