As of a few years ago, the global economy has been experiencing a depression more severe than any in living memory. Almost everyone around the world has experienced the effects to relative degrees, some to a much harsher extent. For these people, the recession has meant living constantly on the breadline, juggling debts just to survive. Of those people, the ones with equity in their property have a way out, at least in the short term. If you are one of those people, there is a solution.
The answer you could be looking for is selling to rent back. Referring to property, selling to rent back means just what is says, there is no marketing jargon here. The concept is simple, there are organizations that offer to purchase your property at an agreed cost, usually 30-40 percent less than the market value, and a contract is drawn up that enables you to continue as a resident at the property, renting it indefinitely, or at least according to the stipulations agreed upon in the contract.
One of the biggest incentives to selling and renting back your property is personal debt. If you have a debt which is crippling you, financially, and you need to get hold of a large sum of money in a short space of time, then this can be a great solution. Sell and rent back is one of the fastest ways to get your hands on a large sum of money, that isn’t another personal loan.
Not only do you have the advantage of gaining capital in a short space of time, but you also would not have to relocate as if you were selling your property by other means. This means not having to worry about possibly looking for employment, registering your children at a new school, finding good dental practices and all the other things that you would have to do in any other circumstances.
Because there is so much you could lose; you always need to make sure that you research all your options before you commit to any one company. An internet search will bring up all the companies that offer this service, and will also help you with finding customer reviews of their service. There are internet forums that specialize in money matters and there should be your first port of call when looking for reviews. Remember to also check if the company you have chosen in regulated by an appropriate financial authority.
The process doesn’t end once you have decided on a company. Your involvement continues through negotiating the terms and conditions of the sale and rent contracts. Always make sure that you know the ins and outs of the whole agreement and that the company are completely clear when you require additional information. Be prepared to walk away from the contract if there is anything at all that causes you concern.
Now Try – Rent My House Back