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Ups and downs come in the life of every individual. In some severe cases, you have to commit to your house. Although the house is a very important asset, you still need to sell it, considering the severity of your problem. This is the only asset that can raise a good amount and help you in bad times. It helps you to increase equity fast.
Nowadays, finding a house for rent is also becoming a problem. The concept of sale and rent back is common in practice, as it provides ease in a number of ways. You don’t need to have to search for movers and packers while selling your home. You can collect the required sum and not spend to move to some other place. It does’nt sound good? Yes it is. By following this concept of sale and rent, you can stay in your home, use it for longer.
Reasons to sell and rent
People have different reasons for selling their home. Some of the common reasons for doing so are as follows:
o Avoid bankruptcy on your records. It is a good option for people who are sinking into debt.
o People sell to rent to avoid becoming homeless. Payment collection is an added advantage.
o Many people still want to keep the memorabilia of their home, even after selling it. Although you may have to follow strict rules, you can still enjoy your memories.
o Some people sell their homes simply because they don’t keep their property but still want to live in it. This concept of selling and renting can be useful for these people.
o To prevent the bank from repossessing the house.
o People in debt can take advantage of this. They can raise the equity and continue to live in the same home, even after selling it.
o People who cannot pay the housing tax can choose the same option. In that case, you don’t have to pay the tax or leave home.
o Homeowners have to pay for homeowners insurance on their property. There are many people who cannot afford the increasing taxes and insurance charges.
o People who need money can take a loan on their property or sell it. People who want to increase their share capital but do not want to leave their home can opt for the concept of purchase with the option to rent.
Looking at the seriousness of all these problems, the best solution has been provided by the rent sale and return principle. You can sell your property to a real estate agent and then rent it out and enjoy your home for a longer time.