In times when we need a large amount of money and we don't know where to turn, we reach for any help offered to us. When it comes to lending money, friends and family sometimes are not the best places to turn, and banks are even worse considering their almost unbelievable conditions under which you get a loan.
If you have no other options, it's best to think about this case: sell and lease back your own home. For some, this is the first option because of the benefits it offers. Selling and leasing back your house is a great idea if you need a large amount of money fast. So how sell and lease back works?
In order to call your sale a sale and lease back, you need to make a special kind of deal with a person or a company. Banks are often interested and engaged in these deals. With this deal, you agree with the buyer to sell your house for a certain price that you'll both agree on. The price is not fixed, so it's best to be a good negotiator in order to get a better price and more money for you. What makes this deal different than a standard sale, is that the buyer is obligated to give you the right to stay in your own home and pay rent each month for still living there.
The rent is also negotiable so keep this in mind. The good side is that you save a ton of money and time looking for another place to stay. You save for moving too, and on top of everything, you get to keep your own place that you got used living in for years. Maybe this shouldn't look like a Top Shop commercial, but wait there's more for the good sides. When you sell a house or any other property, you don't need to worry about the taxes and the bureaucracy about it anymore. This is a job for the new owner now. You only need to have a fixed amount of
money to pay the rent and that's all.
And let's not forget the best part, you have a lot of money in your pocket. Selling a house will give you the opportunity to manage this sum and used it the best way possible for you and your family. A standard part of the sell and lease back deal is to agree with the new owner that they will give you the opportunity to buy the place back if you find the money later in life. This way you can be calm that the place you might have been building with your own hands, won't be lost forever.
On the downside, you have no property anymore. Even though the agreement gives you the comfort of not caring about having a place to stay, you still know that you don't have your own house. But, sometimes, this might be more good than not. It's all a matter of perspective.