Lease option for higher end house in bountiful UT
Hi BP friends out there . I would love to get some input from investors out there , especially people familiar with Utah market .
So I have an higher end house valued at about $520000-$560000 according to a realtor friend. It has been renting for 10 years right after we have done major remodel ( around $1000000) . The renters have been just a couple for majority of the time , very good responsible renters , so the house has minimal impact. Now the renters are moving out in a couple of months . There is a family is interested in doind a lease option to buy , that's rent for a year then buy . They seem like good family .
I felt higher end houses in bountiful are lagging the market appreciation trend by quite a bit , since market is so hot now , maybe it will be catching up soon . On the other hand I really don't like higher end rentals , harder to find tenants and adding a lot more stress if they are vacant . I do have a 30 year fixed rate at 4.625%. The price they would offer is towards like $520000.
Besides I never done lease optio to sell before and don't know what to look for . Who is responsible for the maintenance and repairs ? I am planning on to see an Attoney but would love some inputs .
Thank you very much