Would you Sell or Rent your House out before you Travel?
If you are a homeowner and are intending to travel for a long period, then it is highly likely that you are faced with the dilemma of whether you should sell your home or simply rent it out.
Well, in most cases it is recommended that you sell your house ahead of your voyage so that you do not have much to worry about while you are away. While this may seem reasonable, it is not necessarily the ultimate solution.
However, you need to look at it from a personal finance point of view so that you do not end up with regrets. Here are some of the things you need to consider:
Advantages of selling your house to travel
According to fast house sale company Ready Steady Sell here are two major advantages of selling your house before you travel. They are as follows:
- Extra cash – When you sell your house to travel, it is likely that you will get a huge chunk of money especially if you bought it for a lesser price. You could use the proceeds from the sale to finance your travel or invest the money elsewhere like a portfolio of stocks that pay dividends. This way, you can be sure to generate money despite having sold off your investment.
- Peace of mind – When you sell your house before travelling, you will not have to worry about having to make mortgage payments as you will already have made alternative arrangements with your mortgage lender.
Disadvantages of Selling your house before travel
Although the advantages of selling your house before travelling the world are clear and enticing, there are also disadvantages that are associated with this same move. They include the following:
- Monetary loss – If you are selling your house at a time when the market is not performing well, chances are that you will lose money.
- The process is time consuming – When selling your property on the open property market, you may have to wait for a longer period before finding a suitable buyer for your house. This might essentially affect your travel schedule especially if it takes long to sell and it is likely to, you may have to conclude the process while you are away. However, this can be nerve wrecking compared to if you had done it before.
- Re-settling – If you are keen on coming back to live in the same area, you need to put in place proper resettlement plans. That is, determine if you will rent or buy another house.
Overall, you need to establish your next move after before embarking on travel. That is, you must take time to interrogate both the benefits and disadvantages of selling or renting your house before travelling. This will ensure that you have a good continuity upon your return.