So, you’ve made the decision to pack up your stuff and hit the open road. Maybe you have been bitten by the moving bug, are taking advantage of a job opportunity, or maybe you are tired of the weather where you live currently. There could be many reasons why, but a change of scenery could be a right move for you.
You probably already know, but moving to a new location is a bit easier said than done. There’s many things that must be taken care of, and the to-do list can get quite long.The most frequent worry: what should I do with my home when I move?
If some homeowners make the decision to relocate, sometimes they become a landlord and rent out their house in lieu of selling their mortgaged house. After they relocate, the homeowners then plan to simply purchase another home in the new location. This does seem easy, and might sound like a very good idea, but there're a few things you need to consider.
Before you make the decision to rent out your home to tenants, you should keep in mind that a majority of lenders won’t allow new mortgages if the borrower can’t make a 20% downpayment on a new home. Also, lenders have strict requirements and rules set in place against homeowners who own more than a single “primary residence”, or a home they occupy a majority of their time. It could be difficult to obtain a mortgage for a primary residence before you have sold your other home. For example, the FHA, or Federal Housing Administration has requirements that its borrowers can only hold one mortgage at a time. If your original home mortgage is through the FHA, you may not receive another loan for a second house until the initial balance is paid.
The simple answer is yes. If you are moving and you sell your home beforehand, it’s easier and cheaper process that will supply you with money up-front for a downpayment on your new home. This option also avoids many legal, insurance, or tax hurdles that come along with being a landlord. While this is convenient and by far the best option, many homeowners find selling their home time-consuming and avoid this route. Luckily, MoneyBug offers an easy, and fast way to sell your house in just days.
Before you hit the road, you need to sell your house, and MoneyBug knows that time is of the essence. Instead of enlisting the services of a traditional realtor which could waste months of time, MoneyBug closes the sale of your house in just seven days. This fast turnaround will give you the money you need to buy a new house after the move.
MoneyBug will buy your house through a quick and easy process. If you’re interested in what kind of offer you can get for your home, take a look, you can find out in seconds. You don’t have to fill out any paperwork to get an offer, in fact, you don’t even have to speak with a MoneyBug representative. Simply type in your address and you will receive a real offer instantly.
With MoneyBug, there is no hassle, no closing costs, and no waiting around. Don’t wait any longer. You need to sell your house before you move, so get started on your next adventure now!