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Buying back your home..

Buying back your home

Buying back your home. Some prospective clients express an interest in the possibility of buying back their property.  A sell and rent back scheme can be a temporary measure. Perhaps you fully intend to step back onto the property-owning ladder when the time is right. For other clients the move out of home ownership is a deliberately long term or permanent move.

The feasibility of a rent back then buy back hinges on your circumstances and the terms offered. Buying back your home is clear more likely if the price is set at a level which gives you every opportunity of buying back your home. All that we ask is that you let us know at the outset what your likely plans are so we can agree terms at the time of sale.

buying back your home

Our aim is to make buying back your home as affordable as possible. Buying back your property doesn't have to be out of reach!

We offer two ways of setting the future sale price.

Option one for buying back - discount method

The first means of buying back your home is to base the buy back price on a pre-agreed discount from future market value. But because property prices can go up or down this is subject to a minimum value.

For the sake of fairness and simplicity the discount applied is usually the same as we use to buy your home in the first place. For example, if we buy your property at a 25% discount to its open market value, your buy back option would also be set at a 25% discount to open market value.

buying back your home

Option two for buying back - flat price

Alternatively, we can set the price today. When setting the price today, the buy back price will usually be based on the price we pay for your property.

The time frame during which you can buy your property back is generally between two and six years. But if you'd like an alternative arrangement  - just ask.

buying back your home

 

Tips for buying back your home

Be realistic when negotiating the terms for buying back your home. The sell and rent back specialist needs to make a reasonable return. From your perspective the terms offered need to be as fair as possible.

Why are you renting back? If you're planning on renting back for mainly financial reasons you'd do well at the outset to give thoughtful consideration to whether you're likely to be able to afford to buy your property back in the future. It's unwise to pin all your future happiness on a buy back option unless you sure of your future earnings.

buying back your home

If your concerns stem mainly from making the wrong decision, ask your buyer whether there are any options for "opting out" of the arrangement. Some companies will allow you to reverse the agreement during the first year or so.

Sometimes the possibility of  buying back your home is one of the main attractions of renting back in the first place. Indeed for some clients the option to buy their property back is essential. Without some form of guarantee they probably wouldn't enter into a rent back arrangement in the first place.

buying back your home

Under these circumstances it is straightforward enough to draw up a contract protecting your right to buy your home back in the future.

Other things to watch for if you're planning on buying back your home out include making certain the formula on which the buy back price is based is agreed up front (even although the price itself may be unknown) and clarifying whether there are any time-based restrictions on your buy back option.

Once the terms of the agreement are finalised show them to your solicitor to clarify any additional steps you need to take, if any, to safeguard your agreement.

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