If you’ve recently gone through the process of buying and moving into a new home, the last thing you want to do is start the selling and moving process all over again.
But sometimes, circumstances outside your control make it necessary to sell your house, even if you just bought it. No matter what the cause, selling a home and moving to a new home can be a hassle.
And as anyone who’s tried to sell a house knows, the process is time-consuming, expensive, and potentially frustrating.
Fortunately, there are ways to minimize the stress and costs associated with moving soon after purchase. Read on to learn what to do if you just bought a house and want to move.
Reasons You May Need to Move Soon After Buying a House
There are many reasons why you might need to sell your home and move in a hurry, even if you recently purchased it. Unfortunately, for most homeowners, selling within the first two years of purchase will more than likely result in a loss of profit.
Not only will you have to pay capital gains taxes, but it usually takes about five years to break even on a home.
While everyone’s circumstances are unique, here are a few of the more common situations you may face:
- Job loss: Losing a job can throw a wrench into the best-laid plans. A loss of income may make it difficult to make mortgage payments, forcing the need to downsize.
- Job transfer or change: If you’ve been offered an opportunity to transfer or start a new job that’ll advance your career, it’s hard to say no — even if it means selling your home and moving to a new area.
- Change in health status or family member’s health status: If you or a family member experience a health emergency or a change in health, avoiding mounting medical debt may take precedence. Caring for a sick family member may mean you need to move to a different area, as well.
- Divorce: As anyone who’s been through a divorce knows, dissolving a marriage is emotional and stressful for everyone involved. Often, selling the family house and moving on just makes the most sense.
- Debt: Whether medical bills, credit cards, or student loans, many Americans face debt burdens that feel overwhelming. Selling a home to clear debt can help you make a fresh start.
- Change in the housing market: If the housing market in your area grows rapidly and home values increase, it may make good financial sense to sell quickly and take advantage of hot market conditions before they go up in smoke.
Consider Your Options
If you’ve recently purchased your home and would rather not move but you’re facing one of the above scenarios, you do have options — such as becoming a landlord.
Renting out your home instead of selling it creates a source of income and allows you to hang on to your house.
However, being a landlord is a lot of work. Finding qualified tenants, managing the property’s upkeep and maintenance, paying for expensive repairs, and dealing with deadbeat renters can become a full-time job.
You’ll also need to be aware of laws and regulations surrounding the landlord-tenant relationship, and inform yourself about the tax implications of owning an investment property.
If you just bought a house and do want to move, you may choose to sell your home in the traditional way, using a real estate agent. Unfortunately, this method takes a long time.
While your home is lingering on the market, you’ll have to keep it in show-ready condition. Plus, you’ll have to cover the costs associated with making repairs and upgrades, as well as staging, before selling.
Then there’s the expense of the real estate agents’ commissions, which usually bite about a 6 percent chunk out of your sale profits. Add in closing costs, and it’s easy to see why so many traditional home sales just aren’t worth the hassle.
And, in the end, there’s no guarantee the home will even sell at all.
Why not choose a more simple option? By selling with HomeGo, you can enjoy a quick, hassle-free sale that can close in as little as 7 days. You don’t have to worry about cleaning, making repairs, upgrading the home, or staging it for sale, because HomeGo buys homes as-is, in any condition.
And if you’re not quite ready to move, HomeGo will work with you. If you need to stay in your home a little while longer, HomeGo offers leasebacks and flexible moving options. Sell with confidence, and move when it is convenient for you.