Moving to a new location while selling your old home is difficult. If you’re forced to relocate quickly, you must move on from your old life ASAP. Working with a company like New England Home Buyers, you can receive an all-cash offer for your home.
Questions you need to answer
Making a plan to sell your house to relocate for a new job should consist of:
1. Should I sell my current home as-is or fix it up?
2. How much work do I really want to do?
3. Is my house in sellable condition?
4. How does the timing of the sale coincide with starting my new job?
5. Will I buy a new house or rent for a period of time?
6. Do I want to be a long-distance landlord?
7. Will I have to pay capital gains tax on the sale?
8. Can I sell my house while out of state?
9. Will I be able to get the best price possible at this time?
10. Do you want to sell on the MLS or sell fast for cash?
Should I sell my current home as-is or fix it up?
The first factor to consider is your financial situation. If you don’t have the funds to make necessary repairs and renovations, selling your home as-is may be the only viable option. In this case, you may limit the # of offers you receive. In the case of relocation, the time constraints make it difficult to finish repairs in time.
If you’re doing a traditional home sale, repairing your home will lead to quicker offers of a higher amount. A home in good condition is also more likely to pass inspection.
If your home won’t pass inspection and needs costly repairs, we can still give you a cash offer.
How much work do you really want to do?
Moving is a time-consuming process. Uprooting your life takes time as you attend to work, personal affairs, and more. The question you need to answer is, “how much work do I need to do before my house can sell?”
If the answer is “not a lot.” Then do what you need to do. Sometimes, your home needs numerous repairs. If you don’t feel like dealing with real estate agents and buyers, settling for a cash offer from a real estate investor is a good option.
1. Is my house in a sellable condition?
Technically, every house is sellable. The question is, “How many offers will my home receive and for how much?”
2. How does the timing of the sale coincide with starting my new job?
Living out of state while selling a property adds a few kinks to the process. If you’ve already started the process, a real estate agent can help you close on a sale. If that’s not the case,, the easiest option is to contact a company that buys homes for cash.
This option eliminates the need for home preparation and repeated showings.
3. Will I buy a new house or rent for a period of time?
If you plan on buying a house, you’ll need cash ASAP to cover the down payment and closing costs. Timing the sale of your home is one of the most difficult parts of relocating. Time it right, and you can sell your home for maximum value. Time it poorly, and you could end up stuck with two mortgages or unable to buy a new home.
4. Can I Be A Long-Distance Landlord?
Most people choose to sell their home instead of keeping it as a second property. Renting our your old residence on Airbnb is an option, but recent laws in NYC show that this option may be on the downtrend.
Contrary to popular belief, landlords don’t get to just cash checks and relax by the beach. Properties require maintenance, vetting tenants, mortgage and taxes, etc. Do you want to deal with this while living in another state?
5. Will I Have to Pay Capital Gains Tax On The Sale?
A work-related move can qualify you for a partial exclusion from paying capital gains taxes. You’ll need to meet certain criteria to make you eligible for these exclusions:
- You’re moving at least 50 miles away from your current home to your new work site.
- You didn’t previously work for the company.
- The new job is 50 miles from your current home.
- Your spouse or co-owner of the home meets one of the conditions above.
The IRS is the one who will determine what type of exclusion and how much based on each situation.
6. Can I Sell My House While Out Of State?
There aren’t any laws saying you can’t sell a home while living in a different state. The logistics of managing a sale while in a different state can be overwhelming. If you don’t have the time to travel back and forth, we can buy your house so you can skip the endless meetings and signings.
7. Easiest Way To Sell When Relocating
Relocating should be an exciting adventure full of new experiences. The quickest way to sell your home when relocating is by working with an experienced cash home buyer. A real estate investor can help you get out of your current mortgage with cash in hand to put down on a new home.
8. Can I Afford The Move And Closing Costs Without Selling?
We explained this in point #3, but the average American cannot afford two mortgages. They also can’t afford the down payment on a home while waiting to sell their old residence. If relocating is a foregone conclusion, then selling to a cash home buyer gives you the best shot at having the money to secure a new home.
New England Home Buyers
At New England Homebuyers, we specialize in providing efficient solutions for any and all situations homeowners are facing. We help you avoid dealing with appraisals, banks, inspections, open houses, realtors, and showings. We aim to simplify the process and make selling a house an easy and stress-free experience for you.
Whatever complex situation you’re facing, the New England Home Buyers team is ready to help you.
Benefits Of Selling With New England Home Buyers
At New England Homebuyers, we cover all closing costs and help you make the most from the selling process!
We close in days without having to wait for inspections, bank approval, or appraisals!
If your home has extensive damage, it still has value. We've purchased homes that have seen fire, water, or another form of damage and can make the repairs needed to bring the house back to market.
Selling your home to a cash buyer is often much faster than going through the traditional real estate market. We can close in days while traditional sales take weeks or months.
After we close on your property, our team goes in, cleans, and makes all the necessary repairs. You don’t need to worry about this when selling to New England Homebuyers.
Communication was great and they helped each step of the way. Couldn’t imagine any easier or simpler way to sell my house. This company was a lifesaver and I would definetely recommend them to anyone looking to sell their house. Thank you so much!
Bill G. Peabody