Selling Your House for Relocation
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.
What Does HomeGo Offer?
HomeGo provides an opportunity for people to sell their home fast. It is easy to do, meaning there are no listing appointments and no home improvements to manage. More so, it provides an opportunity to move and put your home at the back of your mind so you can focus on what’s ahead.
What Does HomeGo Offer?
If you need to sell your home fast and you need a reliable solution, HomeGo offers that. The benefits of using this service include the following.
You do not pay a commission when selling the home. Unlike selling with a real estate agent, there are simply no costs to worry about in the sale of the home.
The process is fast. It can take as little as sevens days. This is usually enough time for you to get into your new location and to find a new home to buy.
It doesn’t cause damage to your credit score. You don’t have to walk away from your home and face foreclosure.
You don’t have to worry about trying to pay for two mortgages while you wait for your home to sell.
There are no home improvements or repairs necessary.
HomeGo Can Help.
HomeGo is the nation’s largest home buying company, and we’re bringing professional experience, transparency, and assurance to homeowners who want an easier way to sell.
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What Are the Disadvantages of HomeGo?
This process may not be right for everyone. For example, consider the following:
If you are willing to invest more time and money into your home, traditional selling may be a better fit for you. HomeGo specializes in buying homes as is, no repairs needed.
If you want to relocate to another location, but you want to maintain your existing property as an investment or rental, you won’t need HomeGo’s services.
What to Take Into Consideration
By far the biggest concern property owners have when relocating is how they will sell their existing home and buy their next. HomeGo is the solution. It can help you to get out from under your existing mortgage and into the home you desire as quickly as possible. This reduces your risks and increases your ability to create the next chapter of your life without a lot of hassle about your existing home.
Schedule a no-obligation home tour, or talk to a HomeGo agent today.
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