Ward Condos and Apartments

104 S Main St, Aberdeen, SD 57401, United States

+1 605-226-3100

rent Aberdeen sd

If you happen to own an apartment and unfortunately fell on hard times and your banks are enforcing eviction, then you may want to find out more about the rent back schemes. These schemes may allow you to sell the apartment but at the same time remain in the property. You may even be able to buy the apartment back at a later stage.

Such schemes are called 'apartment rent back' plans. Often people get into financial difficulties, stop paying payments on their homes and face repossession by lenders. Some finance companies are flexible in their approach but majority now a days are getting impatient for their money.

But you are in such a difficult situation then you may want to find out about companies who offer apartment rent back plans. One of these options include that you can rent the same property back until you find an alternative place to live. These companies will allow you to live there as long as you are paying rent - which is often no more than the going rate for such apartments in the area. If you have been a good tenant and get back to your feet and in a position to buy a property then they will give you first option to buy the apartment back at a pre-determined price.

Although it is not always that easy to find reputable companies but if you look hard, there are many around who offer these schemes and allow you to buy the property back even as quick as a couple of years. Alternatively you may take up to 5 years, or more to get back on your feet. Beauty is that the price is fixed at the time you sell the property. That way it does not matter if property prices have climbed to any level, if you have a contract to buy the property at a certain price, companies will have to honor their promise.

While you exercise your apartments rent back option, you are building up for buying t back at a future date - which is usually 2-5 years. The rental is fixed for an initial period and often goes up in line with inflation, until you either buy it back or the option period expires - which ever is first.

Naturally there are some problems with the apartments rent back approach. The main one is that you do not get the same benefits you would if you owned the property. As you are tenant, you will have to follow landlord or owner's policies. However this is a small inconvenience to have than facing the possibility of losing the apartment you consider your own. Many people have attachment with the area, neighborhood or the property they live in and will do any thing to stop repossession. Apartment rent back schemes are a perfect answer for them.

https://www.wardcondos.com/