I’m Moving Abroad – What Should I Do With My House?
Many homeowners who decide to relocate sell off their homes and their belongings at next to nothing prices in a bid to get rid of as much baggage as they possibly can. The scramble to move forward as quickly as possible is not uncommon and can be a feature that requires a lot of legal attention if the deeds and sales are to be done promptly.
If you plan to move abroad and want to sell your home or hang onto it, you should start by looking into the legal steps you need to take to secure yourself, no matter what you decide to do with your home. There are many ways that you can turn your home into an investment as well, so let’s take a look at the opportunities you could invest in or consider before you sell. If you do decide to sell regardless, the following information could hello you as well.
Selling your home
Most people are keen to sell their homes because they could use the extra cash in their new home or location, and they don’t want to have to deal with a vacant property that might become home to vagrants or might not be able to get a lease.
Estate agents are usually very eager to jump on these kinds of sales because it means a lot of commission in a short period coming from someone desperate to sell and move on. In cases like this, you are likely to get duped into quick sales and cheap customers. You stand a chance of becoming the victim of scams that leave you with transfer costs or less than the actual value you were hoping to get. Here are a few things to consider:
- Prepare for sale as far in advance as possible. Waiting will give you the time to make the most of your home in terms of repairs. In addition, it will provide you with the chance to interview relevant buyers and to research the market as closely as you can before you settle.
- If you don’t have a year, you can invest in your home’s upkeep until the day when buyers start to view the property. If you do not have a year to prepare, you can make sure that the property has the very best installed, applied, and repaired to increase the market value quickly. Ensure that all the repairs are done, and all the bills are updated. A thorough check is always better.
Consider appointing an executor
You do not have to sell your home immediately if you are not sure about relocating or you want to give yourself a chance to settle in before you get rid of all your belongings. One of the great things about hanging onto your home is that you can appoint solicitors to handle your estate while you find your feet in your new home.
Once you have left, you can decide to use your home as an additional source of income while you settle in. Depending on where you are heading to, the currency might count against you and you might go through your reserves faster than you would like. Having a fallback is always a good idea, especially if it belongs to you. If you decide that you would like to cut ties altogether, you can always give it a year and organise the sale through a solicitor. They will help you draw up all the correct contracts and paperwork, act on your behalf, and make sure that you receive all the money owed to you.
Open the property up for investment
Many non-profit organisations use homes that they rent or purchase to work, especially rehabilitating young adults and children. It will be a wise decision to allow a non-profit to use your home as a means of generating income through government grants and donations. This way, the organisation will get the opportunity to keep the roof over the heads of those they are trying to rehabilitate, and you will receive a monthly fee for letting them use your property.
The property will always belong to you, and you can still appoint an executor to assist you while you are overseas. The bonus of a non-profit is that they earn points for the upkeep of the premises they are using, and you are guaranteed that you will always have your home looked after.
You can put the money you receive for your home’s rental into a trust that you can use for the future if and when you return or if you want to increase the value of your wealth and credit. The more money you have stored away that you do not touch or spend regularly, the more likely you will see yourself as viable for business if you choose to move abroad and start your own business. It acts as a form of security, and a solicitor can set up a clause in your contract that you can access the money after a short time of applying for it so that you will always have something to fall back on.
Understandably, some people want to get rid of everything they own before they head overseas because there is less drama involved, but it helps to know that you can hold onto your home as an investment or as something that you can hand down to your children. It could even be your holiday home if you decide to return to visit family. In addition, economies dive from time to time and knowing that you won’t be affected in that way can make it easier for you to re-evaluate your decisions.