- April 11, 2022
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Sometimes, unexpected circumstances can mean that you need to relocate within a short space of time. If you own property, one thing that will be on your mind will be what to do with your house. Do you sell it, rent it out or hold on to it? While many different factors can affect your decision, it’s important to explore your options so you can make the best choice for yourself. In this article, we share with you more about selling a house when relocating.
Waiting for the Price to Be Right
One disadvantage of needing to relocate on short notice is that the market may not be in a good place for selling. Over the years, you may have made major investments in your property to increase its resale value and you may not wish to let it go at a lower price.
Although it may not be an ideal situation, in such cases, you can consider holding on to your property until the market takes a turn for the better. For instance, if you are relocating for a new job, you may consider letting your spouse and children stay in the house to finish out the school year.
Renting It Out
Another option to consider is renting out your house, whether you plan to sell it eventually or not. While waiting for the market to go up, you are still bringing in some income and the house is still yours to sell at a future point. However, there are many factors to consider before renting out your house.
For one thing, you will likely have to hire a manager to take care of day-to-day concerns for you, and you will also have to factor in the cost of upkeep and maintenance. In addition, there’s no guarantee that your property will be snapped up for rent immediately, therefore, you have to factor in some time where your property is possibly sitting vacant.
Consider a Short Sale
With a short sale, your lender agrees to sell your house at a reduced price because you absolutely need to have it off your hands in a matter of weeks or months. While it can be better than going into foreclosure, you may still be required to pay your lender the balance and in some cases, this can affect your credit score.
Get a Cash Offer
If none of the above solutions appeal to you or would work out for your situation, consider getting a cash offer for your house as is. Real estate investors such as Modern Feather Properties will offer you a fair cash offer for your property based on the condition it’s in. This means that you don’t have to carry out any repairs at all and can just sell your house as is. The best part is that you can walk away with quick cash without it having any impact on your credit score, and you can relocate with no loose ends!