How to sell your home and move out of state?
Selling a home is a challenge. Add the task of moving to a new state, and you see that the complication level increases. The chances are that your move is initiated because of a job change. That career change will require you to re-adjust to a new environment. How do you deal with that situation?
What is Your Timeline?
How much time do you have before you must move?
In case, you get a few months to move; you can plan the entire process. Consider hiring a realtor, renovate your home and get it listed for sale on the retail market.
In today’s fast world, many homeowners find that they must move in a narrow timeline, often within weeks. If that is the case, you must deal with core tasks. Aim to sell your home as-is. Seek a speedy sale of your home and get in touch with a moving company to assist you.
What Are You Going to Do with the House?
You cannot leave your home as-is. It is risky!
Then you only get two options. You can sell the property or turn it into a rental.
Becoming a landlord is not for everyone, but it can be a good option if you are planning to come back in next 1-2 years. Renting also gives you the time to sort out things while you are trying to find a buyer.
Are you planning to sell your home? There are pros and cons of using this option.
Pros include quick access to cash, quick mortgage approval for your next house and a lower Debt-to-Income (DTI) ratio.
The downside is that you might feel homeless for some time. You may not find a great home in the new state any time sooner after you have sold your current house. There are a few creative options available.
Consider taking a Bridge Loan
A bridge or gap loan allows you to finance your new out-of-state property. Your current residence is used as the collateral. The interest rate on a gap loan is usually higher, and the time-limit is often six months. So, you take this bridge loan to purchase your new property, and then you move out of state. Your realtor finds you a buyer and sells your home while you are away. Once the house is sold, you pay both the existing mortgage debt and the swing loan. It is a convenient option if you have found a trustworthy agent who will manage the selling process on your behalf when you are not present.
Rent a House in the New State
You can also rent a home in the new neighborhood. This option allows you to explore the area. You do not have to deal with two mortgage payments. After selling your current residence, you can start searching for a new house.
You will have cash (your previous home equity) to pay the down payment and other expenses.
How to Sell a House and Move Out of State?
Prepare Your Home for Sale
Focusing on every tiny detail of the process is overwhelming. Make a list of essential repairs. Look for things that make your home look abandoned or outdated. Replace the leaky faucets, broken cupboards and lights. If possible, consider repainting your house.
Prepare to Say ‘Good Bye’
Leaving home can be a huge emotional challenge especially if you have been living in that place for some years. Take some good photos of the house. You might want to relive a few memories. If you like the current decoration or setting of your home, use a quality camera and take photographs of the current layout. You can decorate your new home in the same way after you move!
It is also a good idea to throw a party before you join the new state.
Important Things to Handle
Before you start packing your luggage, you must tackle some critical issues:
- Change the locks on all doors, wardrobes, and cupboards.
- Clean the security system and the related equipment.
- Update/Remove your home address on online websites. Ensure that your pets’ tags have the updated address and the relevant phone number.
- Review your insurance policy if you are leaving your home vacant or if you are turning your home into a rental.
Please take care of the security issues. You do not want to leave breadcrumbs for hackers or thieves.
Focus on the Pricing Strategy
An effective pricing strategy is the key to selling your home. Create a listing price that attracts attention because that is the sole purpose of announcing a number. Do not go too high because if you do that, people will pass by your home without even looking at the features. There are three things you can do:
- Hire a realtor to perform a comparable market analysis.
- View the tax appraisal.
- Hire an independent appraiser to review the market value of your property.
If you have a few months to spare and you do not mind repairing the home, then selling your home in the traditional way will be a good option. Hire an agent who has your best interest in mind which is to sell your home fast before you move to the new state.
Sell Your House Fast
You can also sell your house fast, within days. Consider selling your home to a reputable real estate redevelopment firm in Connecticut. You do not have to pay closing costs or realtor commissions. There is no need to repair or clean the home. You do not even have to spend money on marketing, photography or painting. Just give us a call, and we will buy your house as-is within ten days.