A great way to get your asking price for your Charleston house, is by selling via rent to own agreement. Many sellers don’t realize just how beneficial the process 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 Charleston 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 Rent To Own Agreement Works
A rent to own agreement is entered into between a buyer and seller and can provide benefits to both parties. The buyer will agree to rent the property for a specific period of time before they purchase outright with the help of a conventional loan. During the rental period, the rent will likely be higher than the market average and there will usually be a down payment made upfront. This helps to ensure the tenant won’t simply walk away once the rental period has elapsed. The tenant is given 1-3 years before the purchase will need to be made. The sale price can be negotiated up from or be based on market data at the time of the sale. 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 couple of years.
Perks for the buyer:
- The ability to buy without a down payment
- The ability to buy with poor credit
- The ability to lock in a price for the home at today’s rates
- The ability to try a home before committing to buy it
Perks for the seller:
- Get their asking price
- Guaranteed income for the duration of the lease
- Cash up front
- Ending some holding costs for things like taxes and maintenance
How To Set One Up
There are many standard boilerplate agreements you can use to cover the basics. Additional terms and any other details should be added to the contract as a layer of protection. You will want to make sure you are covered if something goes awry. Before executing the final agreement, have your lawyer look it over to make sure all bases have been covered.
Some specifics you will want to include are:
- The amount paid in rent each month
- The amount of the down payment to be made upfront
- 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
- Tenant and landlord responsibilities for repairs, taxes, utilities, and other ownership costs
- Contingencies for canceling the sale
- The final sale price
There are many other things you can include in your rent to own agreement, but the above items should be at the top of the list. Ask your lawyer, agent, or consultant 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 a buyer, 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 they will still be able to buy at the agreed upon price.
Learn more about selling via rent to own agreement! Contact us today, call us at
(843) 800-2705 or complete the form below!
We buy houses in ANY CONDITION in Charleston and around SC! We pay CASH and you will not pay any commissions, agents, or fees.
The post Get Your Asking Price By Selling via Rent To Own in Charleston! appeared first on We Buy Charleston Houses.
A great way to get your asking price for your Charleston house, is by selling via rent to own agreement. Many sellers don’t realize just how beneficial the process can be. Learn more about how it works and how it will benefit you in our latest post! If you have...
If you’re contemplating selling a home, you likely find yourself with an array of different types of questions. Among these questions are likely to be what you particularly need to be on the lookout when selling a home.
In this regard, there are nine more commonplace types of residential property defects that you need to be aware of when selling a home.
These are potential property defects that can impact the overall value of a residence.
1. Damp External Walls
A commonplace type of residential defect is damp external walls. Walls can become damp for an array of different reasons. In addition, damp walls can be fairly easily overlooked if the issue is contained primarily to a wall’s interior. Damps walls oftentimes serve as a signal that other issues, including serious ones, may exist at a particularly property. These associated issues can include some type of water leakage at the premises that have damaged the walls and may be resulting in other issues as well.
2. Failed Downspouts and Gutters
Another commonplace residential defect that fairly regularly exists at a home is failed downspouts and gutters. The most common failure points of downspouts and gutters are corners of guttering, joins, and rainwater outlets. A blocked or corroded gutter can cause a multitude of different problems, including damage to a foundation or walls.
Roof failures represent another category of residential property defects that exist with some regularity. These include damaged or aged tiles. The end result of undue wear and tear on roof tiles are water entering into the attic of other parts of a residence. In addition, broken or damaged tiles can have a similar final effect.
4. Alterations to Structure
Yet another type of residential defect is that which arises from alterations made to a property. For example, if a load bearing wall is altered at the premises, it can result in defects throughout the property. This type of defect many require the utilization of steel reinforcement to remediate the problem. If course, a load bearing wall should not be altered in the first instance as a matter of routine. However, that does not mean that such a change is not going to have occurred at a particular residence.
5. General Condensation Issues Throughout a Residence
The lack of proper ventilation in a residence can result in the occurrence of more generalized condensation throughout a home. In the alternative, this type of condensation can occur persistently in certain zones within a structure. Condensation that occurs with regularity in a residence can result in defects or damage to the property. This can include everything from damage to walls, flooring, and other surfaces to other elements of the physical structure of the premises.
6. Condensation in Doors and Windows
A common residential defect involves certain types of doors and windows commonly utilized in residential property in this day and age. This type of defect also involves condensation, in this case in doors and windows. Because of the design of these doors and windows oftentimes found in homes condensation develops within the sealed double glazed unit of these features. This occurs as a result of the degradation of the seals originally found on these doors and windows.
7. Defects to a Flat Roof
Some residents feature a flat roof. This is more commonplace on town-homes and condos as opposed to single family homes. The typical flat roof historically was constructed with mineral felt or asphalt covering. The lifespan of this type of material is generally thought to be 10 to 20 years before defects begin to occur. Other flat roof coverings like glass reinforced plastic are being utilized. These types of covering have longer lifespans of upwards to 40 years. Defects in flat roofs commonly are caused by UV rays, damaged flashings, and ponding. Ponding involves the pooling of water on a flat roof because of inefficient of improper draining.
8. Structural Movement
A fairly common type of defect on residential property is caused by structural movement. Structural movement can cause an array of significant defects in a home, including:
- leaning walls
- sticking doors
- sticking windows
The most common types of structural movement include:
- thermal movement
- seasonal movement
9. Eroded Pointing
Yet another kind of defect that is relatively commonplace on residential property is eroded pointing. Eroded pointing generally can be found on brickwork of a residence that is exposed to the elements. The exposure to the elements results in weathering over time. It can also result from guttering at a residence that has failed, resulting in water running over exposed brick. Pointing issues can also occur to older masonry walls that were lime-based. In more recent times, a harder cement is utilized that lessens the risk of eroded pointing, or the extent of it if it does occur.
These more commonplace types of residential property defects are what a homeowner or prospective buyer need to be aware of when involved in the residential real estate market. These are defects that can result in an impact on the price of a residence.
A home inspector will be able to identify these different types of residential property defects. Moreover, a professional can provide insights into the extent to which one or another of these defects impacts the overall market value of a particular residence.
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The post 9 Commonplace Types of Residential Property Defects appeared first on We Buy Charleston Houses.
If you’re contemplating selling a home, you likely find yourself with an array of different types of questions. Among these questions are likely to be what you particularly need to be on the lookout when selling a home. In this regard, there are nine more...