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Rental Basics in Laveen : Real Estate Advice

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Mon Oct 1, 2012
Patrick Brennan answered:
Option to purchase is certainly another alternative. However, the question of what amount you pay for that option is still a concern. Some are as inexpensive as $500, whereas you might find that sellers/landlords are expecting far more because they might just get it. The question I would pose is how much such an arrangement is worth to you as the renter/buyer. If you have great credit and other qualifications, you might be just as well off expressing an interest in purchasing the property you rent and then moving forward with prequalification for a loan, which may give you the same advantage as if you had bought the option to buy -- it saves the seller time and money that would otherwise be spent marketing the property -- even if it doesn't give you the same contractual assuredness that you will be the successful buyer. In any case, if I were in your shoes, I'd want to make sure that I had the best options available for rental and then once again for purchase when the time comes. If you are extremely risk averse and simply dread the thought of moving again, however, perhaps this is a good arrangement upfront. But I reiterate my concern that you seek the best value for you personally and don't pay any unnecessary premiums. The Laveen market has been red hot with investor activity lately and rents have held fairly stable with prices finally beginning to stabilize. To me, this indicates less risk that pricing next year will change drastically -- yet speculative interest will almost certainly continue in this market. ... more
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