When you move away from your current home, you have a lot of choices to make about your future. One of the biggest choices is what you want to do with your home since you are moving. Some people choose to sell their home when they move while others decide to rent it out or use it differently. Deciding what to do with your home will make your move simpler and prepare you for the future you want for yourself.
Sell It
The first and most common option is to sell your current home. With this option you will have more money available to you and you can use it to pay for your move and purchase a new home. However, you want to make sure you are familiar with any taxes you might have to pay before selling your home. Selling your home will take work and you’ll need to consult with a realtor, but it can also be a fiscally responsible move that will leave you in a good position when you get to your new home.
Rent it Out
If you want to hold onto your current home, because you will eventually move back or as an investment, you can make your home into a rental property. This would require finding renters and keeping the home in good shape for them. Renting out your home is a great option if you’re having trouble selling it. Sometimes the market isn’t right for a sale right now, but it can be a great time for renting instead.
Get Things Ready
Whether you decide to sell or rent out your home, you want to make sure that you do the proper preparations. This means starting by cleaning and updating the space for the future residents. Take time to make sure that the home is in good shape, looks good, and will be appealing to buyers and renters. Then move your stuff out so that they won’t be stuck figuring out what to do with it. When your home looks beautiful and works well, it will be easy to sell or rent out depending on your preferences.
Your home has been a place where you have spent a lot of time over the years. So deciding what to do with it can take time and even feel frustrating for many people. Think about your decision carefully so you know you are doing the right thing for you, your family, and your home.
Check out this article on red flags to watch out for when investing in a property!