Ignoring This Simple Step Can Complicate Your Relocation
Many events can lead to transferring or relocating for a job:
- You request the change to accommodate a spouse’s job in a new location
- Changing market conditions compel your company to shift people to a new town
- You desire a lifestyle change and recognize the personal and professional advantages behind such a move
Regardless of the reason, relocating homeowners have a big hurdle to clear: selling their house. Fortunately, taking a single — but vital — step can make all the difference in the experience.
That step? Making a commitment to selling your house.
Committing to your job transfer means going “all in” on the next exciting chapter of your life. And when you commit to selling your house for a job transfer, you also commit to less stress and more flexible cash on hand.
Selling Your House Means Less Aggravation
It’s tempting to consider holding on to your house and renting it when transferring jobs. Tempting, that is, until you realize:
- The financial drain you face. Will you be keen on keeping up with mortgage interest, property tax, operating expenses, depreciation, and repair costs for deduction purposes? Or when to recognize a security deposit as advance rent? The list goes on and on.
- The tenant nightmares you’ll have to deal with. Sometimes, not having a tenant at all is better than having a bad tenant. Have you heard the horror stories? Bad tenants have been known to leave hundreds of used syringes behind, intentionally flood the building, leave rats — lots of rats— behind, and more.
- The juggling you’ll need to do. Even hiring a property management service won’t solve all of your problems. It only means that instead of worrying about the wrong kind of tenant, you have to worry about the wrong kind of property manager. This manager may not communicate or regularly inspect and repair your property.
The peace of mind that comes from selling your house during a job transfer easily offsets what profits you might eventually see from playing landlord.
Selling Your House Means More Cash on Hand
If an employer isn’t subsidizing your relocation, being budget conscious is a necessity. Even in the best circumstances, setting up in a new town can be costly until you determine the shortest commute, most affordable places to eat, reliable service providers, and the like.
If possible, avoid investing more money into your property. You want to hold onto as much of your money as possible for your job transfer move. HomeGo House Buyers will buy your property as-is, allowing you to pocket the funds you’ll need in the weeks to come.
Where you move will also factor into the financial resources you’ll need. Most lenders will refuse to provide a new mortgage to a borrower unable to pay at least 20% of the home’s value up front, unless the borrower also purchases private mortgage insurance. Lenders also tend to have rules in place so homeowners can only have one “primary residence” or home occupied by the owner a majority of the time and for more than one year after purchase.
Selling your home can help in obtaining a primary residence mortgage for a new home. For example, the Federal Housing Administration (FHA) requires borrowers to hold only one of its mortgages at a time. So if you have an FHA mortgage on your original home, you will not be allowed to obtain another loan for a second home.
What if you do not want to wait for your home to sell and you’re faced with the need to relocate now? This isn’t something that’s uncommon today. Property owners find themselves in need to move quickly, perhaps for a job or due to a family member’s health. They do not have 30 to 60 days to wait for a home to sell. This type of scenario may is improved with HomeGo’s services.