Is high interest debt weighing you down? Here’s how you can get rid of it.
Not all debt is bad debt, but there are some debts you’ll want to avoid more than others. Credit card debt and interest rates have been rising significantly, pinning citizens and homeowners alike against the wall. According to Federal Reserve data, borrowing has escalated by almost $28 billion.
Meanwhile, some experts claim the market’s situation is getting even darker. So, what should you do to play offense? And how do you get rid of credit card debt? This article will inform you how residential leasebacks can be the solution to minimizing your bad debt without radically changing your lifestyle.
There is no denying that credit cards are convenient. But misusing one can put holders in an unfavorable situation. Here’s our family-friendly solution to paying that off and moving on with life.
Residential Leasebacks. Or the act of selling your house without moving out.
Here are some benefits:
- Cash out your home’s equity: Homeowners are provided with the opportunity to receive liquidity for renting out their property. This money can be used strategically to get rid of short-term debt.
- Reduced financial burden: By leasing back their home, homeowners can switch their mortgage payments for fixed rent payments and forget maintenance costs.
- Convenience: By cashing out and staying as renters, homeowners and their families can keep their jobs, stay in school, avoid going through the pains of moving, and everything that goes along with staying in the place you know.
There are only some boxes you need to check off before you start, but if you’re a homeowner living in a single family home and have built a substantial amount of equity in your property, you’re already past the halfway point.
Additionally to taking advantage from our leaseback model, homeowners who sell to rent enjoy the many benefits aligned with becoming a renter.
Let’s take a look at some of those benefits:
- Less Commitment: Renting allows individuals to live in a variety of locations and move swiftly when their circumstances change, like getting a new job.
- No property-related expenses: Forget maintenance costs and responsibilities, property taxes, and mortgage payments.
- Protection from market fluctuations: During a housing market turndown, being a renter saves you from the difficulties of selling or being forced to sell at a loss.
Sell2Rent’s platform is a great way to learn if this is the right path for you. With a simple click, you’ll fill in some details about your property and get a commitment-free offer for your home. Want to learn more? Our website has a step-by-step guide to leasing back your property.