Grindavik residents can buy back homes with three-year return right

Residents of Grindavik will be able to buy homes back at the price paid for them by property company Þórkatla, with up to three years to return the property and reclaim their initial payment, mbl.is reports.

The company has presented a repurchase plan offering three routes for people who want to return to the town: buying through a rent-to-own arrangement, reserving a property while delaying a decision, or renting an apartment in a multi-unit building at market rates.

Under the rent-to-own option, buyers will make an initial payment followed by monthly rent payments, most of which will reduce the purchase price. Þórkatla will also offer financing on favourable terms for up to three years. Responsibility for the property will pass to the buyer when the purchase agreement is signed.

Buyers can return the property unconditionally within up to three years and receive their initial purchase-agreement payment back. In 2027, the plan will also offer a gradual transition, including the option to divide the initial payment, take a rent-free period and pay lower rent under the rent-to-own arrangement.

People who are not ready to decide about returning can reserve a property through the end of 2027. Þórkatla says residents will not be pressured to make a decision before they are ready.

Eligibility extends to people who sold residential property to Þórkatla, as well as people who were registered residents of Grindavik and at least 18 years old on November 10, 2023. They may choose to buy a different home from the one they previously owned. The plan was presented following a new risk assessment for Grindavik.