Your goal for listing your home is typically to get the best offer from a buyer. But, if no one puts in an offer, you can be stuck waiting and waiting. You might have already purchased another home, which means that you have two mortgage payments to deal with. You might need to move to a different city. Regardless of whether they rent or buy, you want to get someone in the home fast.
Having more options when listing means you’re going to attract more people to your home. At the moment, it might not be the ideal place for someone to buy, but it might be just right for a renter. Not all realty companies let you list your home for sale, rent or lease purchase at the same time. Duffy Realty of Atlanta does, and this option offers benefits when you’re trying to sell your home.
Understanding rentals and lease purchases
You might decide to offer your home for rent or lease purchase for a number of reasons. If the market is slow, renting out your home means you’ll have a source of income. Your home won’t sit empty if you need to relocate, and you aren’t forced to sell for less than your home is worth. You might decide to rent the house out for a short term — such as 3 or 6 months — or on a month-to-month basis while you wait for a buyer. You can also rent the house for a full year and take it off the market while it’s rented out.
A lease-purchase option, sometimes called rent-to-own or lease-to-own, gives the tenant the option of buying the house at the end of the term, as noted by realtor.com. The tenant has first dibs on the house if he does want to buy it, but he isn’t obligated to. In exchange for giving the tenant the right to buy the house, you get monthly rent.
Things to think about
There are some risks to leasing if your final goal is to sell your house. Offering your home for rent or offering a lease purchase can work in your favor as long as you find good tenants. You want to make sure the tenants you find will take care of the property so that it’s appealing to potential buyers. When listing your home for rent and for sale, you want to be clear with the tenants that you do plan on selling one day. Getting everyone on the same page is a must for the success of the sale.
Sell when you’re ready
If you decide to list your home for rent and sale, you can take the home off of the market if you find a tenant. When the tenant moves out, Duffy Realty lets you relist the home for free. You can rent and relist your home as many times as needed until it gets sold.
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