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I bet when you reach retirement, have all this free time but only your pension to live is frustrating to say the least.
After paying your hard-earned salary in your mortgage for years, you could sell and take long, expensive holidays – but you'd still have to pay rent when you get back. Unless you're as smart as this guy.
OAP has decided to put their house up for sale at a great price – but as with most good things in life, there is a problem. Whoever buys the house must let him live there – free rent.
Peter Yielding, 64, has sold his £ 350,000 prize to St Albans, his semi-double bed, in St Albans, hundreds of thousands of pounds less than the rest of the houses on his road.
Credit: SWNS
The online listing begins with the standard details – it has a garage, driveway and would be perfect for investors.
But the description of Right Move continues: "The current seller wants to remain free of rent of the property as a long-term tenant."
And it seems that this is not a problem, but Mr Yielding confirmed that he had already received two "firm offers" from buyers who would be satisfied with the configuration.
Speaking at home about his unusual choice, he said: "I just need that money if I'm honest with you.
"I will live [here] as a tenant. "
While it may seem strange to those of us who will probably never get a sniff of a mortgage deposit, this practice is called home reversion – and it is more common than you do. do not think so.
In the event of a house reversion, you sell all or part of your house cheaply – usually up to 60% less than the market value – for a lump sum cash, a regular income or both. This seems perfect for sophisticated three-month cruises that are clbady, the old ones are always on (not at all jealous).
The buyer allows you to continue living there until your death or your placement in an institution. Morbid.
If you think about it, it's as if you had a tenant who already lives there.
The more you sell in age, the higher the percentage you recover.
This may work well for both parties, but it may work against someone, such as in a case where an unlucky man has bought a home from the world's oldest woman.
André-François Raffray thought he had a lot of money when he agreed to pay Jeanne Calment, a 90-year-old woman, monthly until she died – but Ms. Calment ended up living another 32 years , becoming the oldest woman in the world to reach the age of 122 years. surviving him.
Somehow serves him well, really.
Featured Image Credit: SWNS
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