for rent

Should I Sell Or Rent When Relocating

In today’s real estate market there are many challenges that you need to overcome.  This also holds true when you are looking to relocate out of state.  Many people have questions about what to do with their current home when they relocate.  This is especially true when the house they currently have is paid for and they are in no hurry to sell.  There are many different things to figure out before making the plunge into the real estate market.

The Problem And Questions

When trying to relocate to a different state there are many different things to consider.  This can be extremely difficult if you already own the home that you are currently living in and owe no money towards it.  This offers up the questions of do I sell now and rent another house until I find someplace new or do I purchase a new house before I sell my current one.  An example of this is that you live in one state but want to relocate to another should you sell the house you owe nothing on and purchase a new one right away or should you rent a home while your house is currently on the market.  It can all be very confusing when trying to make the best decisions.

What Are The Answers To The Questions Above

This time in your life can be very confusing and the decision-making can be difficult. Hopefully this will help.  The first thing you should do is to understand the tax implications that will arise when you sell your home.  You can get advice such as this from a tax professional.  You can also obtain advice from them regarding how renting, selling now or selling later will give you tax advantages or disadvantages.

The second step to the equation is to pick out a neighborhood in the state that you wish to move to.  If you have not already done this it is suggested to spend time in a hotel in the areas that interest you.  You can then visit the area at different times of the day and speak to the people who live in the neighborhood to find out their likes and dislikes.  You can also find out about the shopping, entertainment and services that are offered in that area.

Once you have that figured out then you can find a real estate agent that will help you find the home of your dreams.  Of course you should interview more than one agent to find the perfect fit for you.

Making The Decision

Once you have decided when and where you wish to move you will need to make a decision on a price point and how big of a home you wish to have.  Many will take this opportunity to downsize.  After all of that has been finalized it is time to start contacting movers.  Your agent should be able to help give you reputable movers to call and try to get the best price from storing your items to comparing the cost.  Be sure to check references and the Better Business Bureau to be sure you get the best service available.  You might even find a mover that will pack your things for you.

Moving from one state to another is a large decision and making the choice to buy a home right away or renting a home is a large decision that only you will know the answer to.  It is important for you to do plenty of homework on the area that you are moving to before you decide to sell your home or rent it when you are purchasing a new home.  Once you have made the decision you can sit back and relax.

Image via Flickr by Pistols Drawn

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