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 a rent to own contract a profitable way. However, this option is often overlooked by many homeowners who don’t consider the benefits this contract brings to sell house.
Some perks of this contract will witness 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 contract, the tenant will not destroy your property. It will pay respect and will make the rental payments on time, and there is a higher possibility of you getting your asked price for the house.
So, let us discuss seven reasons why one shall consider to sell houses via a rent to own contract in Cincinnati below!
1- Sell house fast via a rent to own contract
With rent to own agreement, a whole new pool of buyers discovers when selling your home in Cincinnati. Plenty of 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 are unable to collect enough amount. And that is required for a down payment or are 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
- Spent their down payment on something else
- They already own a property, making it challenging to hold another one
- They are in depths of other people
- They were involved in bankruptcy or eviction
2- Relevant Down Payment
A home seller requires a cash upfront or option fee. This fee will totally 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 in submitting a down payment for the traditional mortgage, which means, they will face trouble if they must come up with a sizeable down payment for you!
To make this short, when the down payment of your contract 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.
3- Getting your asked price
In a rent to own contract, even when the home sale price can be negotiable, the seller would be more profitable. Most buyers will agree on paying your demanded amount in an are like Cincinnati and will not leave a chance in buying 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 where near to getting their desired price for the property. Moreover, an extra amount of money would be required to make sure the house is presentable and then sell it for less. Would you really want to do that to sell your house fast and we buy houses cash.
4- Guaranteed monthly assets
A consistent, guaranteed income would be received to you via a rent to own contract 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. 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.
5- Fewer risks to be taken
The risk of property damage is almost completely eliminated when you sell house in Cincinnati. As the tenant who genuine interest in buying the property, they will avoid any ways of vandalism. They would not be skipping the regular maintenance of the house and keep the house as presentable as shown to them since they will end up being 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 as opposed to 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.
6- Other reasons to sell your house via rent to own contract
- 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 manageable.
- Rent is 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 set.
- The tenant is more like 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 why one must consider a rent to own contract 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 the mention in the comment section below!
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