Original blog published 11/27/2019

Let’s say you’ve always dreamed of taking your career to the next level and moving to a different state or foreign country. The main question some homeowners find themselves asking is: how do you go about taking the plunge?

Many people looking to relocate or emigrate often find themselves in a dilemma struggling to decide whether they should keep or sell their current home. There’s always the decision of “should we rent out our house?” “Should we sell?” or “would we be better off keeping the house just in case?”. There are many factors to consider and it can be a tough choice since all options at your disposal have their own pros and cons.

So, which is the best pick? Here are the advantages and disadvantages of each option to help you choose what to do when relocating or emigrating.

The Advantages Of Renting

Renting out your home may seem to be the best option based on your circumstance. Not only will this allow you to have an extra income each month, but will also provide you with an ‘escape plan’ if things go south after moving. Whether you decide you don’t like the state you’ve moved to or you never planned for your relocation to be permanent, keeping your house and renting it out lets you come home after a certain amount of time.

• Cash flow and income
• Equity Appreciation
• Back up option in case you decide to move back

The Disadvantages Of Renting

With the pros of renting come the disadvantages as well. First and foremost, it’s important to take into account all the extra expenses you’ll have. On top of moving into a new place, you’ll still have to pay the mortgage, taxes, insurances, and everything else associated with your “home-base”. Additionally, you’ll need to hire a property management company or you’ll end up having to fly home when something goes wrong at your original residence.

• Renting expenses such as paying a property manager, taxes, insurance, miscellaneous, etc.
• Might preclude you from purchasing a home elsewhere
• Becoming a landlord is stressful and time-consuming
• Repairs can be frustrating and take time

The Advantages Of Selling

Selling your home brings you the most obvious advantage—an influx of cash. With the income your receive from the home sale, you can immediately put that toward your new home in a different state or country. Additionally, selling your home will provide you with a fresh start. You will no longer have to worry about maintenance upkeep or additional property taxes and mortgage payments.

• A fresh start
• Frees up cash

The Disadvantages Of Selling

While you might be aware of the pros and cons of renting your property when moving to a new city or country, you must consider your needs and preferences. If you feel you’re ready to take the leap without a security blanket of having your home to come back to, then selling your home is likely the best option for you. It’s important though, to keep in mind how much you price your home for and whether or not you’ll make a profit off it.

• Lack of a plan B in case things don’t pan out
• You could take a loss from selling

Are You Planning To Come Back?

If you’re moving to a new city in the same state, renting your house might provide you with security because you will still have a home when you get back. However, if you don’t have any plans of coming back, then selling your house to companies that buy houses Michigan might be the best move for you. But life is unpredictable, and folks might not know whether or not they’ll want to come back. When this is the case, weigh the pros and cons to help you make up your mind.

Do You Want To Be A Landlord?

Have you ever had any interest in being a landlord? Are you someone who is okay with renting and managing a property?

Being a landlord is often stressful, even when you have the best tenants in the world. If you love the idea of being a landlord, then renting might work for you.

However, if you despise the idea of dealing with the stress of being a landlord, then selling is your best bet.

Relocating or emigrating is not something that should be taken lightly.

However, if you want to wipe your slate clean and have a fresh start, selling your home to companies that buy houses Michigan such as Waymark Homes can help you focus on your new life.

Call us, and let us help you relocate fast!