subject: Relocating Job to Another State…What to do With Your Home in the Real Estate Market [print this page] Relocating Job to Another StateWhat to do With Your Home in the Real Estate Market
If you're facing a move because you've landed a better job in another state, congratulations! The economy is rough right now, and having a great position is something to be proud of. Something else that's rough at the moment is the real estate market, something you're likely to be already considering as part of your move. While buying a new home when you arrive at your destination will likely involve getting a great deal thanks to the buyer's market, your current home may prove to be more of a challenge for you. Your home is a real estate investment, and you'll need to decide what to do with it.
While the first thing that springs to mind is to sell your home that may not be your best option at the moment. Since your property is an important real estate investment, selling it now may not give you the return you would hope for. Property values have plummeted, and chances are fairly good that your home is worth less now than what you paid for it, even if you've made numerous improvements on it. There is another option, and one that you may not even be considering, that can be a better decision for you right now. That option of course, is renting out your property after you move.
Renting may seem off-putting. After all, stories of nightmare tenants abound. Just flipping on the television and tuning into daytime court shows will uncover plenty of them. But professionals known as property managers can let you avoid most of the headaches that many associate with being a landlord. These pros not only protect your real estate investment for you, they handle practically every detail that comes along with renting out property. From advertising your rental property to drafting the lease agreements, you'll barely have to do anything other than collect your monthly rent check.
The rental market is much stronger than the rest of the real estate market at the moment. Renting lets you keep your property until you can get a better price on it in the future, ensuring that your real estate investment actually pays off. And since you'll be in another state, your property managers will take care of repairs, maintenance, and other issues that arise with a rental property. No three a.m. phone call about a leaking roof for you to deal with. You deserve to get the most out of your home. Selling now probably isn't the best move for you to make. Renting provides you with plenty of benefits, and trusting a property manager to handle your rental removes any hassle.
