Relocating for a Job and Need To Sell Your House?

Whether you’re moving to another state, or just to the neighboring city, relocating for a new job can get stressful. While moving furniture and other belongings is a tough job in itself, having to say goodbye to a place you once called “home” isn’t the easiest thing to do for some. Moving into a new area means having to find new friends, adapting to a different climate (for those long-distance moves), and probably even adjusting your cost of living!

 

But before we get ahead of ourselves, we have to deal with the elephant in the room…

 

You still need to sell your current house!

 

Or, you have to figure out something to do with it, at least. Whatever the case may be, we’ll do our best to guide you along the way!

 

Becoming a Landlord: An Option Beyond Selling Your House

You’re probably moving because of a better opportunity in another state or city. This might be the lucky break you’ve been looking for! Others, on the other hand, don’t even have a choice. They may even end up on the losing side just because their employers relocated a billion miles away. No matter which end of the spectrum you’re in, leaving your house could turn out to be a great opportunity for you!

 

Yeah. You read it right – you could have your property rented out! Instead of getting a huge pile of cash right now, why not get much, much more in over a few years, and potentially create a stable source of income on the side? To put it in simple terms, someone rents the house, the rent they pay pays for the mortgage, and what remains goes into your pockets. Imagine how much you’d get if the debt eventually gets paid off!

 

Now, you might be thinking this is a lot of work, and that is correct. However, once you’ve set things up properly and have the right people in place, you’ll find yourself doing minimal work for great gain! Check out our article here to see how to become an efficient landlord.

 

If you don’t care too much about making money on the side, this is still one of the optimal solutions should you seem to have difficulty selling your house as quickly as you wanted. It’s possible to offer a “rent to buy” option for potential home buyers. This alternative is suited for those who might be on the fence to bite the bullet and prefer to test things out.

 

Good things come with a cost. Being a landlord is not all sunshine and rainbows. You’d need to consider the various potential costs such as homeowner’s insurance, property management, capital gains, property tax, and the possibility of dealing with nightmare tenants. These things may make the landlord life a little daunting to some, so make sure to think wisely depending on your preferences and circumstances if this is a worthwhile venture to pursue.

 

Check Your Relocating Privilege

As we could conclude from the section earlier, the landlord life is not for everyone, considering that you may have to adjust to a new working environment. In that case, you can always fall back to selling the property. Before you decide to go crazy with finding the best strategies to sell, knowing your current circumstances can smoothen the decision-making process. Below are some questions you could ask yourself.

 

When do you need to move out? If you need to get out as soon as possible, that immediately limits the options you can choose from.

 

How much do you have available? Do you have extra resources to afford to buy a house before selling the current one? If not, you’ll likely have to live in a “transition” rental while waiting for the right buyer.

 

Can you buy a property in the new location? Even if you’re able to sell before moving, would there be a good selection of houses for sale within your budget in the area you’re moving to?

 

Knowing the answers to these questions may cause significant adjustments to what actions you’ll be taking. It may be helpful for you to know that some areas could give you a little more edge if you offer cash, so do your research and make sure all your bases are covered before making the jump.

 

At the end of the day (or however long you have before moving), you’re going to have to find the sweet spot between the time and resources you have available to come up with a solution that works for you.

 

Selling Your Home: A Dread or Delight? 

If the first question on your mind is, “can I sell my house by myself?” the short answer is yes, but you run the risk of losing your sanity if you jump in without any preparation! For those of you who want to have a go at it, we suggest you read our article on how you could bypass an agent (or why people end up paying for their services instead).

 

Please understand that, depending on your location and circumstances, your agent (should you work with one) may give other options. In any case, either you go solo or with an agent, here are some tips to help you close the sale a little faster than normal.

 

Short sales sell! This is mentioned first because this could be the fastest route for you to take. Basically, this method entails selling the house at a price that would leave you “short” on the amount due on the mortgage, which may result in having to pay for the excess amount in the long run. However, you’d likely be able to move faster because more buyers would be looking at better deals.

 

If a potential buyer does appear way before you’re supposed to move out, you could give them a “rent back”. A rent back essentially means that you’d sell the property to the buyer earlier on, but they allow you to stay until you’re ready to go. It depends on the agreement if you’d still be paying rent during your stay prior to leaving.

 

It’s essential to know that sometimes you just have to wait. Assuming that you’d be able to sell within a few months isn’t ideal. This is where concerns such as having to manage a sale from a distance come into view. Additional costs may add up over time with owning two properties at the same time.

 

If the relocating process is already stressful enough, then selling your home should be the least of your concerns. Selling your property to investors would most likely be the best bet to improve your moving experience. Because they’re always buying properties left and right, you don’t have to do all the home viewings, repairs, renovation, and background checks on buyers that you (or an agent) might have to do if you’re looking to sell to someone on an extensive quest in search of their dream home.!

 

Does that sound like a magic pill for your problems? Why not give it a shot right now? Shorefront Investments has been the game for years and is always willing to help people out with housing concerns. Give us a call or message, and you’ll have a quote in no time!