Q: If I?m going to charge $1000/mo for rent how much more would be appropriate to give the renter a purchase option and what portion should go to the down payment?
?Bobby Bob, Boynton Beach, FL
A: What is the value of your home? You might want to get a downpayment or option to buy. A downpayment is usually 0% ? 20% down. An option just allows them a right to decide if they want to buy the home at a specified price by a certain time. A first right of refusal allows you to market the home while you still market the property. If you get a offer, they can tell you if they are going to put in their own offer to buy the property at an accepted price or pass on the opportunity. ? Nancy
Nancy Gastel is a Realtor? with Nancy Gastel Realty in Marietta, GA
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