People will often buy a house only to have their needs change as the years go by. Paying a mortgage on an unwanted house can be incredibly stressful and frustrating. In this post, we offer 5 ways to be done with paying a mortgage, so you can move on with your life!
Paying an expensive mortgage month in and month out can take its toll. Especially if you have grown out of the house and are looking for something different. Below, we offer ideas to help you stop paying that monthly bill, without having to worry about excessive fees or penalties. from you!
Sell It Fast to a Professional Home Buyer
The easiest and most convenient way to get out of your mortgage in Omaha is to sell your house to a direct buyer. Anna Buys Houses buys houses directly from local homeowners and can close in only a matter of days. Selling your house fast in Omaha can save you a fortune on holding costs, including continued utilities, property maintenance, taxes, homeowners insurance premiums, and more. A traditional listing can be effective, but the process can end up taking several months while costing you a lot of money. For those who are looking to sell right away, a direct sale to a professional home buyer like Anna Buys Houses can help to save time and money, giving you the peace of mind you might need!
Hire A Real Estate Agent to Help
Many people choose to hire a Omaha real estate agent when it is time to sell their home. While an agent can be beneficial in some transactions, in others, the costs and fees aren’t worth it. If you do not mind paying agent commissions, making repairs, or waiting around for a buyer, hiring a Omaha real estate agent may be the best option for you. If you need to get out of your mortgage right away in Omaha, you may be better off with selling your house directly. An agent can end up being very expensive, working with our team will help you get out of the mortgage for your unwanted house in Omaha without any cost or hassle.
Rent It Out
While technically you will still be on the hook for the mortgage payment each month, you will be able to have your tenants pay it for you. Finding the right tenants can not only help to pay off your mortgage, but you may be able to collect passive income this way too. Keep in mind that not all properties make great rentals and not everyone is cut out to be a landlord. Even still, if you find the right property management company, you can find great tenants, rent out your property, and have someone else pay your mortgage for you.
You don’t necessarily have to give the property away, but you can give it so someone else and have them assume the mortgage. Maybe you have children or another family member who would be interested in having the house. You can either have them assume the mortgage if possible, or you can sell it to them for what you owe, ensuring your debt gets paid off, without any further penalties or fees. You will benefit by cutting your ties with the house, whereas your friend or family member will score a great deal by taking the property off of your hands. It’s a win-win situation for everyone involved.
Rent To Own
Selling your house via rent to own works great for those who want to sell for market value and who don’t mind waiting a while before the home is sold outright and they have collected the full sale price. A rent to own agreement will open the door to numerous potential buyers, giving you better odds of a fast sale at a great price. While you won’t see the entirety of the sale price right away, you will be able to collect higher than average rent, a deposit, and guaranteed income for the next 1-2 years. Once the rental term is up, your tenant will have the option to buy the house outright. If they are unable to, the house will remain in your name, and you can either choose to sell it or rent it out to another individual.