A great way to get your asking price for your Connecticut house, is by selling lease to own agreement. Many sellers don’t realize just how beneficial of Selling Lease To Own In [markey_state] can be. Learn more about how it works and how it will benefit you in our latest post!
If you have had trouble selling your house in Connecticut or if you haven’t been able to get an offer reflective of your asking price, a rent to own sale might be an incredible option for you. If you don’t need the cash from the sale immediately, a rent to own scenario can be one of the most lucrative ways to sell your house.
How A Lease To Own Agreement Works
A lease to own agreement is entered into between you and Next Door Properties and can provide benefits to both of us. Next Door Properties will agree to lease the property for a specific period of time before we purchase outright with the help of a loan or additional cash.
During the lease period, we will pay a fair monthly rate and can sometimes provide an upfront payment to secure the agreement. This helps establish trust with you the seller that Next Door Properties won’t simply walk away once the lease period has elapsed. Next Door Properties is given a number of years before the purchase will need to be made.
Most of our clients like the idea of 10 year agreements but we are always flexible on terms. We also negotiate the sale price upfront and usually base it on market data at the time of the sale factoring in the cost of repairs. By agreeing on a price today, you’ll be able to get your asking price, plan for the future, and continue to make a passive income over the next several years.
Perks for you the seller:
- You get closer to the asking price you were looking for. No low ball numbers
- Guaranteed income for the duration of the lease
- You don’t have to worry about tenants as you are working with Next Door Properties
- Some cash up front
- Ending some holding costs for things like taxes and maintenance
- No realtor commissions or fees
- Next Door Properties has vested interest to buy so no more worries about vacancy
- Little to no maintenance. We can take on some or all of the maintenance
- There might be some tax advantages like deferring capital gains
How To Set One Up
We have a standard boilerplate agreement that is approve for use in the State of Connecticut that covers the basics. Additional terms and any other details can be added to the contract as a layers of protection.
You will want to make sure you are covered if something goes awry. Before executing the final agreement, we will have our lawyer look it over to make sure all bases have been covered and we are both happy with the agreement
Some specifics that we will include are:
- The amount paid in lease each month
- The amount of additional fee that you will be paid that applies to the purchase price
- The amount of the option fee
- The length of the lease before the sale needs to be completed
- Penalties for late payments
- Penalties for defaulting on the agreement
- Seller and tenant responsibilities for repairs, taxes, utilities, and other ownership costs
- Contingencies for canceling the sale
- The final sale price
There are many other things we can include in our agreement, but the above items should be at the top of the list. We always recommend that you ask your lawyer about anything you may have overlooked in your agreement.
How To Get Your Asking Price
When you enter into a rent to own agreement with Next Door Properties, the sale price is typically determined at this time.
Doing so will allow you to get your asking price for the home as well as locking in the sale price for the buyer. Prices could rise dramatically but could also fall as well, but you will still be able to sell at the agreed upon price.
Why choose Next Door Properties for a lease-to-own agreement?
Trusted Partner: Next Door Properties is a trusted and reputable company with a solid track record in the real estate industry. Sellers can rely on us to handle their property transactions professionally and with integrity.
Tailored Solutions: We understand that each seller has unique needs and goals. Our team specializes in creating customized lease-to-own agreements that address your specific requirements. We work closely with you to ensure the terms of the agreement align with your objectives.
Financial Benefits: By opting for a lease-to-own arrangement, you can enjoy financial advantages. Not only do you generate income during the lease period, but you also have the potential for a future sale at an agreed-upon price. This can provide stability and increased returns on your investment.
By partnering with Next Door Properties, you benefit from our trusted reputation, tailored solutions, and many financial benefits. We are committed to providing you with a seamless and successful lease-to-own experience.