Do you own a property in the beautiful city of Ohio, Cincinnati, and are willing to put it up for sale? Homeowners find selling their houses via an agreement a profitable way. However, many homeowners often overlook this option and don’t consider this contract’s benefits of selling a house with the rent to own houses agreement in Cincinnati, Ohio.
Some perks of this contract will be witnessed even when the terms of every settlement are different. A standard rental property does not have as many benefits as we have in this case. Via a rent to own home contract, the tenant will not destroy your property. It will pay respect and make the rental payments on time, and there is a higher possibility of you getting your asked price for the house.
Key Points Of Rent To Own Housing Contract
So, let us discuss seven reasons one should consider selling houses via a rent to own agreement in Cincinnati below!
Contract of Sale
With rent to own agreement, a whole new pool of buyers discovers when selling your home in Cincinnati. Many people will be eager to buy houses at such a beautiful location, one with the world’s second-largest employment rate. They will have no issues with paying you the amount that you desire for your house.
Yet, some people are held back from obtaining a traditional mortgage, while some cannot collect enough. And that is required for a down payment or is not qualified for a loan. Other reasons that contribute to not being able to buy a house traditionally are:
- Self-employed people who are not eligible for a mortgage.
- They spent their down payment on something else.
- They already own a property, making it challenging to hold another one.
- They are in the depths of other people.
- They were involved in bankruptcy or eviction.
Relevant Down Payment
A home seller requires a cash upfront or option fee. This fee will be dependent on the contract between the buyer and the seller and is often negotiable. However, it lies between 2 to 7% of the purchase price. Most buyers have difficulty submitting a down payment for the traditional mortgage, which means they will face trouble if they must come up with a sizable down payment for you!
To make this short, when the down payment of your rent to own house contracts is kept low, a lot of potential buyers will surround you. You can also save the option fee as the security deposit to make a genuine relationship with your client to sell your house fast.
Getting Your Asked Price
The seller would be more profitable in a rent to own agreement even when the home sale price can be negotiable. Most buyers will agree to pay your demanded amount in an area like Cincinnati and will not leave a chance to buy the property.
Traditional methods of selling your property could result in significant losses. Even after repairs, maintenance, and negotiation, homeowners will know that they are near to getting their desired price for the property. Moreover, it would require extra money to make sure the house is presentable and then sell it for less. Would you want to do that to sell your home fast and we buy houses cash?
Guaranteed Monthly Assets
A consistent, guaranteed income would be received to you via a contract for rent to own by your tenant. The terms of the agreement would finalize in the lease; however, you have a decent monthly income for a few years to rely on. In addition, the tenant will continue paying the rent on time to avoid losing the property.
Moreover, the rent charged in Cincinnati in the surrounding areas of your house would be much higher than the rent your tenant will have to pay.
Fewer Risks to Be Taken
The risk of property damage is almost eliminated when you sell a home in Cincinnati. As the tenant who is genuinely interested in buying the property, they will avoid any ways of vandalism. In addition, they would not be skipping the house’s regular maintenance and keeping the house as presentable as shown to them since they will be the owners of the house. They might even start fixing the property or customize it rather than wearing it down!
If the buyer defaults on their payments, you may lose the seller, but you will have gained income instead of just letting the house sit on the MLS. All monies paid toward the house will belong to you, and the house will be back in your hands. You might be back where you started, but you won’t have taken any hit financially.
Lease or Rental Agreement
- Finally, you should know that the renter has less of a tax impact on their financial situation. Property taxes can fluctuate often, and so the renter is not impacted by such conditions. The renter may be able to budget more manageably.
- Rent to own agreement has an amount that is fixed and may even include utilities in the rental amount. A fixed amount can allow the renter to set a budget easier because the renting cost is charged.
- The tenant is more likely to have mobility and flexibility to move since leases tend to be short-term.
- Insurance costs are lower for renters because the possible buyer only needs to ensure the contents of the rental property and not the structure itself.
Before selling your house the traditional way, keep in mind the following reasons to consider a rent to own agreement to sell their properties. It might be the solution that you are looking for to sell your house fast! We hope the above points were of some help to you and provide you with enough knowledge to make that big decision or you can call us because we buy houses for cash. If you found this article helpful, don’t forget to mention it in the comment section below!
Start experiencing a very different approach to property selling by filling the rent to own agreement form and getting a ballpark offer for your Clifton property over the phone or via email.