Money For Lunch – How to Sell Your House and Rent it Back

How to Sell Your House and Rent it Back

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In some cases, selling your house and renting it back is a viable option. There are a variety of circumstances that might make this a practical arrangement. These include a situation where your house sells more quickly than anticipated, and you still have work or school obligations in your current location. Renting your old house from the new owners for a month or two can prevent the misery of having to move twice.

Another situation that might prompt selling your home and then renting or leasing it back is when you have come to a financial impasse that makes continuing to maintain your home an extreme financial burden.

In both cases, it is a good idea to be sure that you completely understand the conditions of the sale and of the rental agreement. Such arrangements are best done when both you and your prospective buyer understand the terms of the transaction. It is also a good idea to consider the financial condition of your buyer. For the deal to stand, you must be sure that he or she will not lose control of the property. Such an event would negate your agreement, and you might be forced to move after all.

When everyone is on the same page and the exchange is well-planned, it can have many advantages. If you have local obligations that require that you stay until a contract is fulfilled or a semester of school is complete, it grants you that extra bit of time. If you love your home but you are unable to maintain it and pay your bills, renting it from someone else who will shoulder the responsibility for maintaining the grounds and infrastructure can be a big plus.

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