Haven’t Been Able to Sell Your Home Yet?
You’ve put your home on the market for quite some time now, but unfortunately, haven’t been able to sell it yet. Frustrating, isn’t it? After all, you put in so much time and effort into selling your home with no positive outcomes so far.
What can do now? Are there any alternatives worth considering? You can do several things if you can’t sell your home, but not all of them would be ideal. Consider your situation, and then decide the best way forward. And if you need any kind of advice or help, reach out and contact us.
Selling Your Home – Wait a little more
Not exactly a great piece of advice, but it may be the best thing to do, considering that during certain seasons and times of the year, you are more likely to sell your home. For instance, if you sell your house in the spring, you not only get an offer, but can receive multiple ones. So maybe selling your home right now isn’t such a great idea, because you will probably get a significantly better offer two months down the road when the real estate market surges.
Whatever situation you might be in right now, if you wait, you may increase your chances of selling your home and getting a better offer. Talk to us, discuss your particular situation, and we’ll advice accordingly.
Renting out is often a good idea if you can’t sell your home or aren’t getting the offer you’d like to receive. Depending on the condition of your home, location, nearby amenities and other factors, the rental amount may make up the whole of your mortgage payment. Even if it doesn’t, it would still increase your cash flows, making your payments more manageable.
That being said, remember that being a landlord is advantageous, but it also comes with its fair share of responsibilities. You have to manage the property, collect rents, pay the bills, and do a lot more. Either appoint a property management company, or take out time yourself. The former choice increases expenses but eliminates all the hassles, whereas the latter choice means you don’t have to pay any fees, but you would have to put in efforts and keep your property in a good condition.
Rent to own
A lease or rent to own offer is a good way to attract buyers when they can’t decide if they want to buy your home. Rent out your home to them at a higher market cost, allowing them the option of buying the house at a certain price later on. Negotiate well, and see if the to-be tenants will also take on maintenance responsibilities, saving both your time and money.
Consider another mortgage lender
If you are reselling only because you can’t afford the mortgage, try refinancing it with another lender.