The need to relocate is one that many families face each year. Changes in employment, relationship changes, and family health concerns are just a few of the common reasons that result in relocating to a new home in a different city, state, or country. In addition to the logistical requirements of moving family members and furniture to a new home, homeowners must also make important decisions regarding the fate of their existing home in the area they are leaving.
If you are a homeowner facing decisions about what to do with your current home, this information can help you decide whether selling or keeping it will be the best choice for your family and situation.
One of the most important considerations in deciding whether your family should keep or sell the home you will be moving out of involves how each course of action would affect your family's financial situation. If funds from the sale of the current home are necessary to purchase or rent a home in the new location, homeowners have an important incentive to sell their current home as quickly as possible.
However, if those funds are not necessary to cover the costs of replacement housing, homeowners will want to look closely at the following factors before making a decision about the fate of their current home.
- the amount of the remaining mortgage balance and monthly principle and interest payments
- the current value of the home and the homeowner's equity position
- any maintenance or repair needs the home has or will have in the near future
- the ongoing costs of owning the home while living elsewhere, such as taxes, HOA fees, and homeowners insurance coverage
Desire to own rental property
Homeowners who feel they can financially afford to maintain ownership of their existing home even after relocating to another area will also need to determine if becoming a landlord is something they should consider. While having rental income is an attractive idea, many people find that managing tenants and maintaining a rental home may not be a comfortable fit, especially while also trying to settle into a new home and location.
Homeowners who continue to struggle with whether they should sell or keep their existing home after they relocate can get expert advice by discussing their situation with a trusted real estate professional. Homeowners who have this type of conversation with a real estate agent or broker can better understand the current market value of the home and what to expect if they decide to sell the home, as well as how professional property management services would work if the home is kept as a rental.
Contact a local real estate agent to get more advice.