Have you ever wondered if you can sell a house and continue to live in it? Well, the good news is that you can!
In general, there are multiple ways to sell your house and stay in it. The most common is called a leaseback agreement. This is an agreement you can have with the prospective buyer to ensure they’ll lease the property back to you as a tenant after purchase.
Below, we’ll go over the different ways you can get this type of agreement, other creative ways to continue staying in your home after selling, what situations this type of solution is best for, and more!
- Selling your home and continuing to live in it can be done in a few different ways.
- This option is great for those needing some time after the sale process to move.
- This can be a short-term agreement (1 to 3 months) or even a longer-term agreement (1 to 2 years)
- Negotiating a leaseback agreement is more common when selling to real estate investors or companies specializing in these types of deals.
- Keep in mind your typical home buyer may not be open to this type of arrangement.
How To Sell Your House And Still Live In It
Living in the home you just sold may sound like nonsense to some people, but there are a few ways to sell your home while still living there.
Below are a few options you can consider if you still want to stay on the property.
Sell To A Home Buyer And Become A Tenant
One of the most common ways that allow you to stay in your current home and live there as a tenant is to sell your house to a real estate investor. This is because investors do not need to stay in the current house they bought.
Their main reason for purchasing a home is for investment reasons. Investors already have the idea of being a landlord and are more likely to be open to the idea of an arrangement where they rent back the home to you, allowing you to line in the property after it has been sold.
Depending on the investor, you can negotiate a few-month stay and pay rent month to month or a much longer stay. This will all vary by each buyer.
If you are interested in selling a home to an investor, then be sure to check out our Sell My House Fast Las Vegas Program to get a cash offer for your home from our network of investors.
- This is a great solution if you are in a situation where you need to sell your property fast, and want to still live in the property.
- This isn’t such a good option if you are looking for top dollar or market value for your home sale.
Negotiate A Leaseback Agreement With A Potential Buyer
If getting top dollar for your home is your goal, then trying to negotiate a lease-back agreement with a potential buyer may be the best choice for you.
This is an arrangement where the buyer agrees to lease back the house after purchase for a specific time period.
This can be challenging if you are looking to live in the house for long periods of time. Most traditional buyers are looking to buy a home that they can move in right away.
But there is always a slim chance that you can work something out together. And it never hurts to ask.
Look Into A Partial Home Reversion Agreement
This is a great option if you are looking to retain ownership of your house without fully selling it. There are usually two options you can choose from with these types of agreements.
One is a partial home reversion agreement where you can sell a portion of your home equity without losing the right to live in it and maintaining ownership rights.
This is a good way to get the financial benefits of the equity you have in your home without having to move out.
Another option is a full home reversion agreement. This is good for the elderly without any heirs so they can cash out on the equity of their home and still have a place to live.
The banks will end up taking ownership of the home after the owner has passed away or when the lease agreement has been terminated.
Sell Your Home To A Family Member
Another possibility is to sell your property to a family member. This can be viewed as a home reversion, but instead of selling your home to the bank, you’ll be selling it to one of your loved ones instead.
Assuming you and your family members have agreed to certain terms, You’ll be able to cash in on any equity that was built and still have a place to call home.
Obviously, it will be up to you and your family to decide all the terms and conditions with one another.
Work With Companies Who Offer A Lease Back Program
Last but not least is to work with companies that offer leaseback programs. (1)
This is your best bet if you are unable to use any of the solutions listed above.
These companies focus on offering leaseback deals to those people who want to sell their house while living in it. You’ll still have to pay rent and treat this like a regular rental. But it provides people with a flexible and convenient solution.
Some companies also offer a chance to purchase your home back at the end of the lease.
These five options can help when it comes to selling your house and living in it afterward. Each solution provides some pros and cons, and which one is best will really depend on your current situation and the type of problem you are looking to solve.
Final Thoughts On Selling Your Home And Still Living In It
Even though this may seem like an odd question.
It is entirely possible to sell a house and continue living in it afterward.
Selling your house and being able to continue living in it is a great solution for homeowners needing a little extra time before moving out. It’s also great for seniors who want to cash in on the equity of their home and live there as tenants.
But, it’s important to consider all the terms and conditions of any of the contracts, agreements, or arrangements you may make before selling your house and living in it. Be sure to do your due diligence!
Read and review the terms of your contacts and make sure everything is in order to help you support your specific goals and needs.
Working with real estate experts or legal advisors can help you navigate any confusion and complexities of this entire process.