When you think about selling your home, how does that process usually go? Do you sell your home, find a new one, and move in? That’s how a lot of people do it, but that isn’t always the best option. Sometimes everything that comes with being a homeowner can be too much. All the repairs and endless bills can stack up fast. So could you sell your house as-is and still stay in it? As it turns out, you may have a few options.
Become a Tenant
Being a homeowner is a dream for many, but reality sometimes has a way of turning that dream into nothing short of a nightmare. By comparison, becoming a tenant provides you with a familiar place to live with less responsibility (and often lower costs). Just make sure you clearly understand the terms of the lease negotiated between you and your new landlord.
Stay for Free for a Short Time
Sometimes vacating your house as soon as it’s sold just isn’t a good option. You might need a bit of time before you can move into your new home or a little while to get your feet back under you before moving on. If you intend to relocate or move out shortly after the sale, you may be able to negotiate for the option to remain in the home for free for a short time. Keep in mind that this could impact the amount you’re offered for your home. You can’t get something for nothing, after all.
For the elderly who have ongoing living expenses, a home reversion could be a good option. In a home reversion, it is the equity of the home that is sold. This can provide a lump sum of money, a monthly income stream, or both that allows the individual to stay in their home, avoid the costs and stress of moving, and pay for living expenses. It also offers tax benefits since it’s a tax-free equity cash out. The drawback is that you don’t usually get the full market value for the house, any heirs will have a reduced inheritance, and you maintain responsibility for the costs of homeownership.
Staying in your home after selling it as-is can be done. That’s a deal you’ll need to negotiate with the new owner. They may allow you to become a tenant or even stay for free for a short time. Depending on your circumstances, you may be able to negotiate a home reversion. If any of those options are something you’re interested in, be sure to discuss them with Joe Homebuyer Dallas to see what can be worked out for you.
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