It is possible to sell your house and keep living in it in Columbus, Ohio. You can sell it to a buyer, cash out your equity at closing, and sign a lease to stay as a tenant. The sales price depends on how long you’ll stay, what rent you can afford, and the overall condition of the house.
In This Article
Some Columbus homeowners want to sell their house without moving. Their equity is tied up in the property and would rather use that money now then have it sit there. Others need a year or two before they’re mentally ready to move. Selling the house and renting it back is one way to do that, but the price and the rent both have to work.
My name is Marc Van Steyn, and I own EasySell Cash Homebuyers in Columbus, Ohio. I’ve purchased several houses where the sellers wanted to stay after closing. Some stayed a few months. Others have been there for years.
Can I sell my house and keep living in it in Columbus, Ohio?
Yes, we call that in the industry, a sale leaseback. You sell the house, and the buyer becomes your landlord. At closing, you get your equity. Then you sign a lease and pay rent to live there for the time you’ve agreed on.
The purchase contract sets the sale price and the closing date. A separate lease sets your rent, how long you can stay, and who handles what. The lease takes effect the day the sale closes, so you go from owner to tenant with no gap.
You receive the sale price minus your mortgage balance, closing costs, and any liens that must be cleared. For example, if you sell for $300,000 and owe $100,000, you’d have roughly $200,000 before other closing expenses. The title company accounts for property taxes and prepares the final numbers before you sign.
A short rent period and a long stay are two different deals. Some people need a few months, others want years. Have an open conversation with the buyer about which one you need before anyone talks about the price. You can see how we run it on our Sell and Stay program page.
How much rent will I pay if I sell my house and stay?
That depends on what you can afford, and it sets the price.
An investor can’t pay full retail price for your house and then rent it back to you below market rent. The numbers have to work for everyone. It’s got to make sense for both the buyer and seller.
Take a $400,000 house renting for $1,000 a month. That’s $12,000 a year, or a 3 percent gross return. Then subtract property taxes, insurance, and maintenance. There’s very little left for the investor. I couldn’t pay $400,000 for that house and rent it back for $1,000 a month.
Before I make an offer, I need to see the house, know what rent you can afford, and understand how long you want to stay. Those three things determine what I can pay. If you can’t afford a rent that makes the numbers work, selling may not be the right move. Putting someone out of a home they’ve lived in for years because they can’t afford the rent is not a deal I want.
Want to know what comes out of the sale price? Read about the costs you pay when you sell to an investor.
How long can I stay in my house after selling it?
As long as the lease says. Some homeowners stay a few months, others stay for years.
If rent increases are a concern, ask for a longer term lease. Insurance and taxes go up over time for any owner, and fixed rent keeps those increases from impacting you.
The biggest risk is having to move out after you’ve already sold. If the lease lets the owner raise the rent beyond what you can afford, you could be forced out. The FTC warns about this risk in sale leaseback deals. Get your rent and lease term in writing before closing.
Find out what happens when your lease expires. Does it renew automatically? Can you negotiate another term? How much notice does each side have to give, and what would you pay if you needed extra time? If the owner sells the property while you’re living there, what happens to your lease? Get those answers in writing before closing.
Who sells their home and stays as a tenant?
Usually someone who’s been in the house a long time and has a lot of equity in it. They want the cash for other things and are comfortable where they currently are.
Some homeowners know they’ll eventually move to assisted living but aren’t quite there yet. They may want a couple more years in the comfort of their home. Selling and renting back gives them access to their equity without having to move right away. They can use that money to pay for care at home, or use it for assisted living down the road.
We worked with a military family in Upper Arlington who didn’t know when deployment orders would come. You can read how that played out in our military family case study.
If you’re weighing a smaller home instead, our guide on how to downsize and sell your Columbus, Ohio home covers that route.
What should be in the lease before I sign?
Discuss the lease terms and get them settled before you sign the purchase contract. The lease should include your monthly rent, how long you can stay, repairs, and what happens when the lease ends.
Ask about the security deposit and the first month’s rent. In our deals, those are paid separately from closing. In most of our deals, the tenant mows the lawn, keeps the property clean, and carries renters insurance. We handle the repairs Ohio law requires of landlords.
Check what updates the buyer plans to make. If the house is dated, we may agree to hold off on cosmetic repairs and updates until you move out. Ohio law still requires a landlord to keep a rental fit and habitable, and that doesn’t change because you used to own the house.
Once you sell, you’re a tenant, not the owner. Ohio law still protects you as a tenant, but the lease controls details. Read the clauses Ohio sellers must check in a cash offer contract before you sign anything. We’re real estate professionals, not attorneys. Have an Ohio real estate attorney review the documents.
What Does Selling My House and Continuing to Live in It Look Like?
Several years ago, a homeowner came to me who wanted to cash out of his house but wanted to stay for several years at least. He’d lived there a long time, had a lot of equity and needed the money for other things.
We agreed on a purchase price, a monthly rent, and how long he wanted to stay. I bought the house, and he signed a lease that let him keep living there.
He’s still living there today. He knows what he pays each month, and he seems happy with the arrangement.
Is it worth it to sell my house and keep living in it?
It depends on what you need. If you want the highest price, list the house and sell it retail. A traditional sale on the open market will net you more than an investor can pay. The cost is time, repairs, showings, and a move.
Selling and renting back makes sense when getting your equity now and staying in your house matters more than getting the highest price. You’re accepting less money in exchange for staying in a place you’re comfortable.
There are other ways to access the equity without selling, like a reverse mortgage or a home equity loan. With those options you retain ownership. They do come with their own costs and risks, so talk to a financial professional.
What’s the next step if I want to sell and stay?
Start with two numbers: the rent you’re comfortable paying, and how long you want to stay.
If you’d like to talk it through, call EasySell Cash Homebuyers at (614) 969-0624, or look at our Sell and Stay program. There’s no pressure. If selling isn’t the right move for you, we’ll say so.
Frequently Asked Questions
Will I get the top retail price if I sell and rent back?
No. An investor needs a return, and that return determines what we can buy the property for. Listing on the open market will often get you the highest price. You might negotiate a short period to stay after closing with a traditional buyer. Finding someone willing to let you stay for several years is more difficult.
How is the rent back decided?
You tell us what rent you can afford. That number, along with how long you plan to stay and the condition of the house, determines what we can offer for the purchase. A lower rent means a lower price, because we need some sort of return on our investment
Can the rent go up?
That should be spelled out in the terms of the lease. If you negotiate fixed rent for a set term, the owner can’t raise it during that term unless the lease allows it. Check for scheduled increases before you sign, and find out what happens to your rent when the term ends.
What do I have to pay off before closing?
Your existing mortgage and any liens that must be released are usually paid from the sale proceeds at closing. Outstanding property taxes are also paid at closing. The title company prepares the final numbers, so you know what you’ll receive.
How long can I stay after I sell?
From a few months to a few years, based on the lease. Ask what happens when the lease ends, whether it can renew, and how much notice each side has to give.
