If you’re planning to relocate for a new job, to meet family needs or to change your lifestyle, then what will happen to your old property? There are various options available, each with their own pros and cons, so here’s an insight into some of the key possibilities available to you.
Keep your property as a second home when you relocate
If money allows and you’re very attached to your home, there’s always the option to keep it as a second home. If you’re relocating in the same country, then it could work to have your old home as a second home that you can use for holidays.
This is only going to be viable if you can afford it and if you’re going to get enough use out of the property. If you’ve relocated overseas, it might seem like a great idea to have a proper base to come back to, but is it cost-effective to have it empty most of the time?
Keep your property to let out to long-term tenants
If you like the idea of making some money from your home, then you could consider letting it out to long-term tenants. You get the benefit of keeping your bricks and mortar, with the knowledge that the property isn’t left empty and is being used by tenants.
With any property letting comes admin, organization and potential issues. You’ll need to have funds in place to cover wear and tear, maintenance issues and, if you’re not going to manage the rental yourself, the cost of paying for a letting agent.
Keep your property to use as a holiday rental when you relocate
If a long-term rental isn’t for you, but you’re still debating keeping your property, then another option is to consider using it as a holiday rental. Depending on the location, size and type of property, you might be able to achieve a better level of income from short-term holiday lets than you would from having long-term tenants.
If you’re going to relocate a distance away, you will need to organize for the house to be rented out and maintained by a holiday property company, which will of course involve costs.
Sell your property to fund buying elsewhere
If you’re buying a new property elsewhere for your relocation, and finances are tight, then you’re likely to have to sell your property to fund the new purchase.
A completely new start makes a lot of sense, as you can cut your ties with your old home and life and start afresh somewhere else. You’ve also got no issues regarding paying tax or mortgage payments on a second property.
If your relocation is only temporary, for example for a year’s work contract, or you’re not 100% sure if you want to cut all ties, then selling might not be right for you.
Solving common relocation property selling issues
Planning to relocate can be really tricky, especially when it comes to juggling selling a property and buying elsewhere, not least if there’s a significant distance involved too. Your travelling time might be limited, so you don’t get to drop everything and rush to see houses, and you’ll need to be organized back home for potential property viewings.
There may be times when you wish you had the cash to get on with the all important aspect of buying a new home, yet are stuck trying to sell your current house.
If you’re considering selling your home to free up cash to for relocation, why not consider selling it outright without the need of using an estate agent? Specialist companies like Molae Properties take the hassle out of trying to sell by offering you a cash price. If your property is located in London or within the M25, call us today on 0800 634 5892 and get your cash price.
