It sounds like a nightmare doesn’t it? And, it happens more than you would like to think when you’re on the housing market. If you’re thinking about moving home or you’re even in the process of doing it, you need to consider your options if the home doesn’t sell as fast as you’d like it to. Essentially, it can leave you without anywhere to live in your new location and an old home that’s an anchor weighing you down. But it doesn’t have to be a nightmare, I’ve got some great ways to handle this all too common home moving hell.
Buy The New Home Anyway
If you’re not relying on an absolutely massive deposit from the money you’ll make selling your old home, buy the new one before the first one sells. That way, you can secure your dream home, move on with your life and not get stuck in an old home where you no longer want to live. You’ll need about 5-10 percent of the asking price of the new home to secure it with a deposit. Once you’ve done this and you’re old home sells, you’ll be able to pay more of the deposit off and get a better deal on your mortgage. Just make sure to speak to your lender about this option to find out how much they might charge for suddenly paying a massive amount of the home cost once the old property finally sells. Of course, before that happens, you have another issue.
The Cost Of Your Old Home
This is where things get tricky. First, you’ll have to take into account the fact that you’re actually paying tax for what will be considered a second home until your old one sells. It doesn’t matter that you’re not actually using the property. However, there are ways to make other costs cheaper. You can start by shutting the home down. Switch off the power and the water. You might want to leave the heating on a low temp just so you don’t get any issues like damp or frozen pipes. Aside from this push any subscription bills to the new address such as your gas provider, your internet, and phone usage. That way, you can avoid the cancellation fee because you’ll be moving it rather than closing your account. Essentially, you’ll be shutting the home down until it’s just an empty property. And by empty, I do mean empty.
Clearing Out The Furniture
If you’re no longer using the property, you should make sure that you clear it out of any furniture. If you don’t have room for all your belongings in your new property, you can use a self storage solution. That way, you’ll be able to keep the items local to you, safe and secure. This isn’t the case when you essentially leave your old home abandoned. But what about selling? Well, you might find that by moving out completely you actually get more offers on the property, leading to a faster sale. Buyers will know that since you’ve already moved out, they’ll be able to move in without much fuss at all. That’s a very attractive possibility for a lot of individuals.
Stuck in a rough market? Rather than emptying the property, rent it until the market improves. You can make some money and avoid the first home becoming an expensive burden. Do this, and you should easily be able to cover all the costs of your second home, maybe even while making a profit?
I hope this helps you handle the costs of having a home that didn’t sell as fast as you needed it to. By handling it the right way, it won’t be the end of the world or a never ending headache.