Wednesday, February 17, 2021

What Happens To Your Home When You Relocate?

Since the start of the pandemic, as many as 23 million Americans are considering relocating. Indeed, as telework becomes the new normal, many families are looking for a new home. According to a study, over 20% want to relocate outside of normal commuting distance, while over 54% of Americans want to relocate over two hours away from their current location. 

Whether you are moving to be closer to your family or to embrace a quieter lifestyle away from urban stress, relocation is no easy process. For a start, it’s fair to say that individuals who relocate are in two minds about leaving their home behind. What happens to your current property when you move away? 

The answer depends entirely on you. Regardless of how far you choose to travel (nationwide or abroad), relocation begs one crucial question. Will you be coming back? It’s a tough decision to make. But if you choose to leave the door open to a return journey, this will affect your plan regarding your home. Similarly, if you want to make the move permanent, you also need to consider how to get rid of your home. 

You are not coming back

You are sure of yourself. The move will be permanent. You only bought your home because it was conveniently located for commuting purposes. But now that telework is the priority in the workplace, you want to move into your dream region. Therefore, at this point, you want to put your current property on the market. Ideally, now’s the time to make all last-minute repair and improvement works that will increase the house value. This will include a fresh coat of paint on the tired walls and adding insulation to the basement. It's also helpful to follow tips for how to stage your home for a buyer. The sooner you can find a buyer, the easier it will be for you to settle into a new property. You can reach out to specialists to sell your house fast if you are in a hurry. If you are willing to wait for a home buyer, you may need to move into a rental until you can use the sale profit to buy your relocation property.

You are coming back

You are only relocating for a short period. Perhaps you want to be close to your elderly relatives, or you’ve found a great school for your child. You are planning to come back to your home after a few years, which is why it’s a good idea to turn it into a rental property. This will ensure that your home becomes a source of income while you are away. Real estate agents recommend putting the property on the rental market as is, which means fully furnished. A furnished home is more appealing to tenants as it keeps their expenses to a minimum. You might be more likely to find a tenant rapidly if you offer your property with furniture. Make sure to give your interior a makeover before taking real estate photos to boost your chances. A fresh coat of paint can keep your walls looking fresh and clean. Opt for neutral colors to appeal to a broader audience. Replacing the tired sealant in your bathroom will also make the room look clean and inviting without requiring a full bathroom makeover. 

There is a lot of money in your current home when you relocate. Whether you choose to unlock the funds through selling or letting the property depends on your plans. Yet, whatever you decide, it would be foolish not to turn your home into a source of income. 

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