Renting out a property with an option to buy has its benefits. It is also a great way to lease out a property. When doing this it is important to have a good contract. The contract should have a clause in it so if the rent is ever late the option to buy will be forfeited. One good advantage when renting a property with an option to buy is the likeliness of always getting the rent on time. The person or family will not want to lose the option to buy the property so it gives them more incentive to pay the rent on time.
Another advantage when renting out a property with an option to buy is you can charge higher on the rent since some of the rent is going towards the purchase of the home. When doing this make sure you put in the contract how much of the rent is going towards the purchase of the property. This will make sure that you and the person or family will have no misunderstandings when it is time to sell the property.
One last advantage of renting a property with an option to buy is the person or the family will be responsible when it comes to fixing up and maintaining the property. This will make them more likely to take care of the property. This must also be put into the contract. Renting out a property with an option to buy is one good way to keep a good person or a family renting from you for a long time. Renting and selling a house is usually not an easy thing to do but if you use some of the information here, it can make the process a little easier.
Tuesday, September 29, 2009
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