What do you think about renting ourÂ Jacksonville FLÂ 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 buyerÂ at the right priceÂ will come along.
Prospective buyers who rent a home in JacksonvilleÂ 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. TheyÂ 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 marketÂ 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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