There are many companies online now offering you the opportunity to sell your home and rent it back, in order to free up some equity and help with your debt management. Is this the right thing for you to do? Well, you have to consider it in detail.
Bad debts and rising interest rates has meant that homeowners are turning to sell and rent back companies who help make it sound like they can ease the financial strain.
Sell and rent back agreements allow homeowners to sell their property at a discount price to a company, which will then be rented back to them at market rate. The only problem is, you will end up selling your home for much less than it is worth, in order to get a quick financial fix and pay off any debts that are hanging over your head. Everyone knows how valuable an asset property is, and even as house prices fall, your home will still be worth a considerable amount.
However, please be careful if you are considering sell and rent back. There are many unregulated firms out there who will aim to profit from your misfortune. Do your research and ask around with families and friends. I think it was once a bit of a taboo to discuss your financial worries, but in our current climate there is no need to be ashamed anymore, since nearly everyone else is feeling the pinch too. Sharing your struggles might help ease the stress.
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