Want to sell? There’s no one way to do it! All too often, sellers overlook the possibility of signing a lease with purchase option. Yet there are tons of people on the market who would love to buy a home, but are unable to because of the state of their credit report. Has your property been advertised for sale for some time now? Would your tenants like to own their own home? Not sure what to do with the property you’ve just inherited? There are many reasons to sell, but whichever one applies to you, it would certainly be to your advantage to at least consider the possibility of selling through a lease-to-own contract first. When you sign a rent-to-own contract, you retain control over your property and have the advantage of being able to decide on the details of the contract yourself, which should be for around 3 years. If you need to do some work on your property, you may find a tenant interested in doing it in exchange for a discount on the rent. Here are 5 reasons to sell a Montreal home by first taking out a rent-to-own contract.
A higher selling price
Since you agree to help your buyer despite his difficulties in qualifying for a mortgage, you are entitled to ask for a little extra on your house payment. In the same vein, you could choose to lock in a selling price from the outset. So, whatever the market trends, you’ll be sure to receive a good amount at the time of sale. The ability to sign a contract without waiting and sell a property at a higher price than its actual market value is one of the reasons why owners should sell their Montreal home through a rent-to-own contract.
A wider target audience
There are many potential buyers in the region with poor credit records due to a period of temporary economic instability. These people are currently unable to obtain financing from a bank. Also, there are tenants who have rented all their lives and would like to establish themselves permanently in their home, without having to move so frequently. By including these people in your target audience, you increase your chances of finding someone who will be in a position to help you overcome your financial difficulties. What’s more, you’ll have the chance to help a small family make the transition from tenant to homeowner. You’ll know with certainty that they’ll be quality tenants and that they’ll take good care of your property. By appealing to a larger number of potential buyers, you increase your chances of selling where others have seen themselves lose a lot of money while they waited and the value of their property plummeted. That’s why homeowners should sell their Montreal homes through a rent-to-own contract.
Tax deductions
While the income you make may increase the taxes you have to pay at the end of the year, you can take advantage of certain deductions by renting out your property. Examples include any amounts collected for property maintenance and improvement, property tax payments and loan interest. Deductions are a considerable advantage for owners who sell their Montreal property through a rent-to-own contract.
A constant income
If you are able to keep your property rather than sell it outright, it will generate a steady income for you for the duration of the signed contract. In addition to the profit you’ll eventually make from selling, you’ll have the opportunity to collect higher-than-average rent every month. Some of this extra money will simply be put aside, but all the rest will come back to you and help you realize your dreams or make major real estate investments. The income generated by the process is one of the reasons to sell a Montreal home on a rent-to-own basis.
A better-maintained property
When your tenants move into your property, chances are they’ll take good care of it. You’ll be amazed at how the house will be maintained on a regular basis, without you having to say anything. Your tenants will also form a barrier against unforeseen damage, since they’ll act quickly if a pipe bursts, the roof leaks or some other disaster occurs. Unlike traditional tenants, your future buyers can be held responsible for managing the property’s renovations and maintenance if this is specified in your rent-to-own contract. Feeling confident about your tenants and knowing that the value of your property won’t be diminished by the negligence of its occupants brings great peace of mind. This is one of the reasons why owners should sell their Montreal home through a rent-to-own contract.
The ups and downs of the real estate market can be worrying. One of the advantages of selling through a rent-to-own contract is that you can lock in the sale price of your property in advance. If you choose to sell this way, you’re sure to find quality tenants who will treat you with respect and take good care of your property, of course, since they’re the next owners! These are just a few of the excellent reasons to sell a Montreal home on a rent-to-own basis. The Vendre Maison Vite team can help you organize everything and knows where to find the perfect buyer! To find out more about who we are and what we can do to help you, write to us or call 514-320-1000 today.
