In some cases, you may want to live in your home but not actually own it. Typically, when you sell your home, you don’t live in it again. However, there is a way that you can rent back your home after selling it.
Sell to a Cash Homebuying Company
The objective of cash home buying companies is to purchase, fix up, and rent out or resell the property as quickly as possible to make a profit. As long as your home meets their criteria, they would be willing to buy it from you. Even if there are extenuating circumstances like unpaid mortgage bills or problematic tenants, cash home buying companies will typically still be willing to buy your property. After agreeing on a price and selling conditions with a cash home buying company, you will receive payment in full. Once the company has remodeled and fixed up your home to their liking, they will put it back on the market.
Have Enough Money for Rent
As soon as your home is back on the market, you can apply to rent it out. If you know that you will want to rent it, you can even discuss this with the cash home buying company while you are in the process of selling to them. In order to rent your home again though, you need to have sufficient funds to pay for rent. Make sure that you have a steady income and money you can set aside for a security deposit, first-month’s and last-month’s rent, and any other extra fees associated with renting.
Rent Instead of Own
When you are able to rent a property you love instead of owning it, you get all the benefits of living there without any of the drawbacks of home ownership. For example, you don’t have to pay off any mortgage or take care of as many maintenance issues. Additionally, you have a lot more flexibility if you ever wanted or needed to move quickly.
Just because you sell your home doesn’t mean that you have to give it up forever. If you are holding onto your home and the stresses of home ownership because of this fear, consider selling to a cash home buying company. Renting your home instead of owning it may be just what you need.
To find out how much you could make off of your home and how to rent it back, reach out to Simple Cash Offers here today.