Having to move, and fast, is a situation that is becoming more and more common, especially for many people finding jobs in hot spots like Chicago, or suburbs of North Shore IL, that need to relocate immediately.
It’s creating a nerve racking dilemma being faced by homeowners from coast to coast; if you need to move, should you sell your current home or hold onto it and lease it out?
The first decision you will need to make is whether you need to sell or not. Can you maintain both your old residence and a new home or rental, even if the old sits vacant for a while?
Start by calculating how much equity you have. If you can afford to hold onto your property empty and not tap savings for debt service, then perhaps you can hold on a while longer until it appreciates more.
If you can not, and you hate the idea of multiple moves, then maybe selling now is the best option. It could certainly save you a lot of stress, and potentially money from going back and forth to check on it, show it out, and deal with tenant issues. Plus, you should weigh the advantages of having more money to put down on a new home to get better terms on a new mortgage and the long term interest savings this can provide.
If selling your property conventionally on the market could take too long or the thought of having to pay out thousands in Realtor commissions makes you cringe, look into selling your home for fast cash to an investor. They could help even if you owe more than your home is worth.
Even if you are not a professional real estate investor, there could certainly be many financial advantages in terms of extra passive income and wealth building over the next decade or so if you can hang onto your property and profitably rent it out.
Maybe you will even catch the real estate investing bug and decide to get into it full time after realizing just how great the rewards can be.