These are good questions and good replies too. See my article on the subject here.... http://hometeamnj.com/3-lease-purchase-myth-busters/ I'll add my two cents on the question of "is this a viable option to sell? " IMO, yes it's "viable" but no it's not likely.... tenants rarely excercise thier option to buy, it's mostly a pipe dream for them. At the same time, it can be pretty good for the landlord and I've done over a dozen of them on my own properties. My question to you is... Do you want to be a landlord? Probably not or you wouldn't be selling your home, you'd already be renting it..... SO, I assume you will be reluctant landlord.... and they can be the WORST landlords for so many reasons including that fact that they hate being a landlord and never wanted to be one in the first place !
Do you have a large capital gain on the property? If so, you risk losing the capital gains tax Exclusion that you would enjoy when selling your primary residence. If you rent the property for several years and then sell it, you will have to pay the capital gains tax...currently 15%.... this could be a big consideration.
My advice, of course without knowing your full situation and with the caveat that this advice is worth what you're paying for it.... Lower the price on your house to make it competitive. Then spend money to improve the condition of the property so it's commensurate with the price. Don't make baloney excuses and logical reasons why you did it already or your house is somehow different.... just do it. If you need help from a property stager or designer, pay them to help you decide what improvements to do and then continue to maintain the property each and every week you should do something. Then work with your agent to make sure the home is marketed adequately for the next 90 days.... yes that's how long it will take to see any results. If it's not sold, go back to step one and repeat.
I hope that's helpful... if so, click the "thumbs up" below,
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
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