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This idea came to me while away fishing and the more I think about it the more appealing it becomes.
Sale leasebacks are common in the commercial property arena but I can’t recall seeing it discussed with respect to residential property. I googled “sale leaseback residential property” and was pleasantly surprised to find that some people are already doing it.
Based on what I know, and my own particular situation, here is how it should work in theory. My wife the Contessa would like to live downtown by the waterfront in Toronto one day. Austin is our only son still living with us, with our other two boys somehow managing to escape. So when Austin eventually, leaves the house will be largely empty. There is a good chance that Austin will move into residence in downtown Toronto when he goes to university in three years.
My mother, who is 92, is in a nursing home close to my house and I wouldn’t consider moving while she is there. Why move, complicate my life further and create unnecessary pressure?
My idea is to sell in the spring if residential real estate prices stay high and the market stays hot. I would negotiate a minimum five-year lease, which will allow me ample time to simplify and de-cumulate, getting rid of a lot surplus stuff accumulated over the years.
My Options
