Selling? You shouldn’t overlook the rent-to-own market as an alternative to traditional home sales. Large numbers of people now have credit problems and cannot rent a home rather than own it for the first time in many years. Has your property been on the market? Are you a landlord with tenants who are interested in owning your property? Not sure what to do with an inherited property? There are many reasons to sell in today’s market. Why not take a moment to consider entering into a lease-to-own agreement as a viable option? Homeowners should sell or at least consider selling through a rent-to-own contract, you have the advantage of maintaining control of the property and establishing the terms of the deal, usually for three years. If their property needs repairs, many of these tenants opt for a credit for work done on the property. We’ll explore five reasons why homeowners should sell their home on Greenville with a lease-to-own agreement.
Because you are ready to work with your buyers, you can charge more for your home despite all the problems they may have in obtaining conventional loans. Likewise, since you lock in the price for the lease duration, despite any downward trend in real estate values, you can set the rate at a higher estimated value, determined by the length of the contract. The ability to sell now at an above-average market value is another reason homeowners should sell their homes in Greenville on a hire purchase agreement.
Many buyers find themselves with less than perfect credit after going through a financially unstable economic period and leaving many former potential buyers unable to obtain conventional financing. Likewise, people who would typically be just as happy as tenants are turning towards permanent residency, reducing commuting. By opening your potential market more widely, you are more likely to solve any financial problems while helping the family transition from tenants to homeowners, making them highly desirable as occupants of your property. With a broader buyer base, your home is more likely to sell while others sit in the market losing value, which is why homeowners must sell their homes in Greenville with a lease-to-own contract.
Continued Tax Deductions
While some of the income you receive may reduce the deduction, you can still apply for property tax deductions. You can write off any interest on loans for property improvements. In addition to the ability to write off interest on any residual mortgage loans you carry, you will also continue to benefit from amortization. This advantage as a record owner is another reason why homeowners should sell their home in Greenville with a lease of their own accord.
Because of your ability to hold the property, rather than a full sale, you can enjoy a steady stream of income over the term of the contract as tenants rebuild their loans for the home purchase. In addition to the profit you make from the sale, you can also charge a higher than average monthly rent. While you will use some of the rental income for your buyer’s investment, the rest of the passive income can help you keep living your dreams or even invest in more real estate. Living on your terms, this is another motivating factor for homeowners to sell their homes in Greenville with a lease-purchase agreement.
Pride of Ownership
As your buyers become owners of the property, the home’s likelihood to be well cared for is higher. You will see that without any warning, the buyer will carry out routine and maintenance tasks. The buyer will prevent damages because they will act quickly in the event of plumbing emergencies, roof leaks, and other potential disasters. Unlike tenants, a lease-to-own agreement means that your tenants can be responsible for repairs and maintenance. Knowing that your investment will maintain its value because your tenants care about the property gives them peace of mind. This peace of mind is an important reason why homeowners should sell their home in Greenville with a lease-to-own agreement.
Fluctuations in the real estate market can be very concerning, one advantage of selling through a rent to own agreement as a seller is locking in the future sale price of your home. You’ll have the best of tenants you can rely on treating you and your property with respect because they’ll be the future owners! These are great reasons why homeowners should sell their house in Greenville with a rent to own agreement. Pitt Home Buyers can help you set it up, and we know how to find the perfect buyer! To learn more about us and what we can do, send us a message or call (252) 227-0274 today.