Relocating is a big deal that could be due to several reasons. This could be personal or professional. The professional reason could be linkable to job relocation. This could mean that your company is choosing to move to another location because of the changing market condition. It could be that you just landed your dream job.
All these are good, and almost everyone is hoping for it; however, relocating can come with several challenges, one of which is whether to keep your present home or sell it. Selling your home in case of a job relocation is almost always the right choice, and this is the reason stated below:
Ease from the financial drain
There are several bills you need to pay on your property; some include property tax, mortgage interest, repair costs, operating expenses, and several others. Having all these bills on your list when relocating can cause a financial drain. This is because you will have to focus on setting up and getting a good life in your new location. The last thing you want is to be financially drained, especially when moving to a new location with several uncertainties. However, this can be avoided if you choose the option of selling the house instead.
Avoidance of tenant nightmares
Tenants can be the worst option, especially if you get unlucky and have destructive ones. Some bad tenants do not know how to take care of what is not their own. This can make them destroy your property, and since you are far away, it can become difficult to oversee the property from your location. The other option you might want to opt for is employing the services of a property manager. As good as this might sound, it also comes with its worries.
Getting a manager who will diligently inspect and repair your property and still give a prompt report can be difficult. However, you can avoid the worry of getting a good tenant or property manager by simply selling the property, so you can focus on what you have to do in your new location.
Maximize Cash at Hand
Relocating comes with a lot of responsibilities and uncertainties; this is why enough cash at hand is essential during this period. Settling down involves finding the best commute, a good place to eat, reliable service provides, and other needs. You want to hold to enough money so you won’t be cash-strapped. Selling your house can be the best option, as this will help you secure enough money that can help you settle down in your new town.
Obtaining a primary residence mortgage can be difficult in your new location if you are still holding on to your other property. This is because the Federal Housing Administration (FHA) and other lenders do not allow borrowers to own more than one property. To get an FHA mortgage, you will have to let go of one of your property before you can secure the loan to get the other house in your new town.
All these are important reasons you should consider the option of selling your house. Doing this will help you settle down quickly in your new location and move on.