Renting Your Old Home after Relocating

Relocating across the country can provide a number of benefits for property owners with some flexibility in their budget. Perhaps your move isn’t one you plan on making permanent. You may be back in a years’ time or more. On the other hand, you have plenty of local ties to the community. You know you could rent out your home here and potentially profit from it. For those relocating, an existing home can become a valuable investment.

What Are the Benefits of Renting Out Your Home?

Becoming a landlord is a great solution for those who must relocate. It offers a few key advantages.

You can turn your current home investment into a solid stream of money for your family. If there is a strong rental market in your current community, this can be a good way to maintain long-term income.

You remain present in the community. You still own the real estate. If you decide to come back, you may be able to once again live in your home. Some people do well with short-term rentals or even using a service like Airbnb to make the move profitable.

Renting your existing property allows you to maintain ownership long term. You may want to pass down that property to family members. If it is a house you love, you don’t have to lose it.

What Are the Disadvantages of Renting Out a Home?

For some, renting may not be the ideal solution. It can present a number of limitations such as the following:

If you cannot afford to maintain two mortgages (one for the current home and one for the new home), it may not be financially feasible. You may find it hard to obtain a new loan for your new location with an existing one.

You will need to have someone local to the existing home available to help maintain it. This can prove to be difficult unless you pay for a professional property management company to help you.

Renting the property may be hard to do in some markets. If the local rental market cannot produce the monthly payment you need to cover all costs associated with the home, this may not be ideal.

Talk to a HomeGo agent today.

What Else to Consider

It’s important to consider the entire process clearly. If you plan to relocate and buy another home, check with your lender first to ensure they will allow you to maintain both debts. You also will want to consider what may happen if you cannot find a tenant for the location that is reliable. Being a landlord can be a time-consuming process for many situations. If you don’t plan to remain in the region long-term, such as coming back in a few years, this may become less of an ideal investment for you. It can be a hassle to travel back to visit for reinvestment and maintenance needs, for example.

HomeGo Can Help.

Renting out an existing home is an option for those relocating. However, it is wise to make decisions based on your current and long-term needs.

Schedule a no-obligation home tour, or talk to a HomeGo agent today.

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Check out more of our information on relocation.

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