Do you need to sell your house fast to Relocate?

Costs of expensive relocation.

The primary reason for selling a house when you're moving [especially if you're selling and buying another house in another state] is the financial side of the process.

As we all know, buying a house isn't easy. You could be going to a market where you need to make a cash bid to be successful. In that scenario, most of us need to sell our equity in the house in which we reside to purchase our next home. Even if you're in a market where the mortgage deal is fine, you're still going to have to afford a down payment and you may need to tap the equity in your current property for that down payment.

Let's not forget – when you're heading to a new state – that there can be some tough money situations. You do not have a job lined-up and a short income span. There are costs for moving and moving, costs for furnishing your new house. Buying a house in another country without a job would need savings.

And if your goal is to rent in your new state, you're likely to have a security deposit and rent for the first few months.

Will your house be empty if you sell it and move to another state?

Without proper preparation, you might get stuck with a vacant home. Owning a vacant house – particularly if you move to another state – poses some very serious concerns. Empty homes are vulnerable to a lot of poor outcomes.

What happens if there's an unexpected issue in the house? Pipes burst, roof leaks, pests break in, electrical issues, weather events can destroy windows or sheds in the backyard.

You may have a neighbor, a family member, or a property manager check in regularly, but if the pipe breaks, the water is flowing in, and that's only going to keep going before someone stumbles and finds something.

Unforeseen house disasters are part of life. If no one is around, they could spiral from a little to a big problem.

Squatters can be a matter of concern depending on your climate. If you take your eye off the property for a couple of months, there's a fair risk that you'll end up having to go through the evacuation process.

Another risk is house theft – particularly if you weren't able to move all your things away when you moved to another state. Vacant homes are easy targets. While expensive personal items are apparent, people mostly take the central AC, windows, and copper wiring. Vandalism is a further issue. At the very least, you can install a monitoring device to warn you of any new problems.

The most obvious choice is to use the property as a rental property.

Rental property has a lot of fantastic upsides. You can use the property as a rental and keep it with the tenants. If the investment works out, you will receive a monthly payment each month.

Remember: your old home has now been turned into an investment property. You'll need careful preparation to make sure the rental goes well (you don't want to lose money every month due to poor planning or decision-making). There are a couple of steps to this.

Is the house you're moving from a rural area?

Is it a small population?

Not too many real estate professionals nearby?

If you replied YES to all of those questions, you probably don't have the local help to keep the house as a rental.

Check for local property managers online. The property manager is important when you live remotely. Land managers locate tenants, raise rents, and oversee repairs. Usually, you are paid a small percentage of the rent.

Call around 5 or 6 businesses and inquire if they are offering services locally. You will discover right away that property managers are not working in the region. Holding the house as a rental without a local property manager is doomed from the outset if you've moved out of the state.

There are some disadvantages to the rental. You could make mistakes or mismanagement if you're not the expected landlord [and you lose money on a monthly basis]. Another concern might be if you're on a shrinking market. Areas with low economic and population growth may lead to a major loss in the value of your home. Rentals are much stronger long-term assets in regions of appreciation or at least stable rates.

Is the house you're moving from a rural area?

Is it a small population?

Not too many real estate professionals nearby?

If you replied YES to all of those questions, you probably don't have the local help to keep the house as a rental.

Check for local property managers online. The property manager is important when you live remotely. Land managers locate tenants, raise rents, and oversee repairs. Usually, you are paid a small percentage of the rent.

Call around 5 or 6 businesses and inquire if they are offering services locally. You will discover right away that property managers are not working in the region. Holding the house as a rental without a local property manager is doomed from the outset if you've moved out of the state.

There are some disadvantages to the rental. You could make mistakes or mismanagement if you're not the expected landlord [and you lose money on a monthly basis]. Another concern might be if you're on a shrinking market. Areas with low economic and population growth may lead to a major loss in the value of your home. Rentals are much stronger long-term assets in regions of appreciation or at least stable rates.

Be cautious about adding a tenant if you're going to sell in the future.

Another tactic if you can't sell a house when you're moving to a new state is to retain the house as a holiday home.

A holiday home makes sense if you still have friends and family in the city. You can take back trips on a daily basis without the cost of a hotel. Your friends/family will also be able to make use of it.

Holding a holiday home doesn't mean you're going to have to rule out renting. You could rent it in the summers in the beach areas, or in the winters in the ski areas. Only don't sign a 12 month lease if you want to keep your vacation options open.

We've worked with a lot of clients facing a lot of different conditions that required them to sell their home to move, and we know that some sellers find themselves in unusual circumstances where the situation is a little more difficult. We are competent and adaptable, and we can manage even the most challenging circumstances.

We're going to buy your house directly, so there's no need to go through the long processes needed by the conventional housing market. We're offering the fastest selling possible. We know that people are going to accumulate a lot of things, and they're not going to have space for it all after the transfer.

Just leave what you don't want, and we will do it. Don't think about fixing or cleaning stuff up. Everything you need to do is pick up your cash and get back to your life. It's so easy, really.