Every family ends up moving house at least once. Usually, you start off in a small place, then more kids come along, and you need to upsize to something bigger. Typically, you will sell your old home when you move into the new one. It seems natural seeing as you won’t live there anymore, so why bother keeping it?!
Well, as it happens, there are a few reasons you might want to keep your home when you move…
Rent it out
Of course, the most apparent reason to keep your home is to use it as a rental property. If you rent out your home to tenants, you will get a good source of income every month. Essentially, you’re a landlord and you collect rent from your tenants. It’s not an idea that everyone will enjoy, mainly due to the effort that goes into being a landlord. You’ll likely need a property management company to help you, and all of this can be a bit too much of a hassle. The main benefit of this idea is that you can get a regular source of income from the rental payments. Plus, if the management company handles things, you don’t really have to do much other than enjoy your money and carry out the odd property check.
Turn it into an AirBnB
Another similar idea is to use your old home as an Airbnb. Now, this has a few advantages over traditional rental properties. For one, you deal with short-term tenants, which means fewer issues and less management. Secondly, you can demand payment for a stay in full up-front, so there will never be a problem with delayed rental payments. In essence, all you need is the best Airbnb management company around, and you’re good to go. They take care of the legal things and the management side of your property, while you enjoy life in your new home with a secondary source of income coming in.
Wait until a better time to sell
Funnily enough, the best time to buy a house is probably the worst time to sell one. Good buying conditions mean that house prices are affordable and you’re getting a good deal when you purchase one. As a consequence, this means the selling conditions are pretty poor. House prices are low, meaning you won’t get as much money from the sale as you deserve. So, one reason to not sell your home when you move is so you can wait for a more profitable time.
Perhaps you could rent your home or use it as an Airbnb in the meantime, then wait until the property market reaches a point where it’s good to sell. Alternatively, you could focus on making improvements to the property so you can increase the value and sell for more profit. Some home improvements can only be made when your family isn’t inside the property, which means they can only be done after you move. Either way, waiting for a better time to sell is a good reason to keep hold of your old home when you move.
Moving home is stressful enough without the added baggage of selling a house at the same time. If you’re debating whether or not to sell your property, then perhaps these three reasons have convinced you to keep hold of it for now.
*This is a collaborative post. For further information please refer to my disclosure page.