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 get out of your mortgage in Calgary 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 information to help you get out of your mortgage fast, without having to worry about excessive fees or penalties. If you have any questions about getting out of your mortgage in Calgary, we want to hear from you!
Sell It Fast
The easiest and most convenient way to get out of your mortgage in Calgary is to sell your house to a direct buyer. ASAP House Buyers buys houses directly from local homeowners and can close in only a matter of days. Selling your house fast in Calgary will 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 ASAP House Buyers will help to save time and money, giving you the peace of mind you need!
Hire An Realtor
Many people choose to hire a Calgary real estate agent when it is time to sell their home. While an Realtor 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 Calgary real estate agent may be the best option for you. If you need to get out of your mortgage right away in Calgary, 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 Calgary 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.
Agreement For Sale
This is a great way to create a WIN WIN for you and the purchaser. You will pass on the responsibility of the mortgage payments, property taxes, utilities, HOA fees, maintenance, and any other expense that is related to the property to the purchaser. The purchaser gets beneficial ownership of the property without having to qualify for the mortgage and typically less down payment than would be required in a traditional sale. This is an advanced creative strategy that has been utilized in commercial real estate for decades, make sure a qualified lawyer handles this type of transaction so that it is set up properly.
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.
Are you ready to get out of your mortgage in Calgary? Working with ASAP House Buyers will help you get the price you want for your house while saving you a fortune along the way. We can help you get out of your mortgage so you don’t have to feel stuck with your unwanted property any longer! If you need to sell your house fast, our team is here to support you!