Relocating to another city or state can open up opportunities that improve the quality of your life. When you relocate, you have a better chance of turning over a new leaf and even finding better jobs, relationships, and education opportunities for your children.
However, relocating might cause stress, especially if you have a Odessa home and don’t know what to do with it once you relocate. Being caught in this situation can cause delays and prevent you from starting a brand new life elsewhere.
1. Sell for the Right Price
Thankfully, you have the following options to choose from once you decide to relocate:
Selling your home is one of the most common options you’ll have once you choose to relocate from Odessa. But, if you want to sell it fast, you need to make sure that it’s priced right. A home with an expensive price tag will shoo away homebuyers, while one that’s too cheap can prevent you from earning profit.
Work with a realtor so he or she can come up with a realistic price point for your home. Setting the right price for your Odessa home will help you attract buyers and close a sale.
2. Become a Landlord
If you don’t want to let go of your home in Odessa just yet, decide to turn it into a rental property. Taking this direction allows you to earn passive income even if you’re living outside of Odessa.
Becoming a landlord can improve your financial health, but keep in mind that you still have to invest in homeowners insurance and property management. You also need to set the right rates to find tenants fast.
3. Turn Your Home Into a Vacation Rental
Gone are the days when travelers only stayed in hotels and other expensive accommodation when traveling; today, more and more people choose to stay in vacation rental properties as they are cheaper and provide a better travel experience.
You can also convert your home into a vacation rental if you don’t want to become a landlord long-term. You can simply list your home on any accommodation rental site, such as Airbnb, and charge travelers when they stay at your property.
4. Put Your Home Up for a Short Sale
If you want to sell your home as soon as possible, put it up for a short sale. In this case, you and your lender would have to sell your house at a very low price just to close a deal. Although convenient, taking this option comes with several pros and cons, so make sure to weigh both sides of the coin.
5. Go Into Foreclosure
A foreclosure is a legal process wherein your mortgage company obtains ownership of your home. Foreclosure is an excellent solution to your housing mess, but this can result in major credit consequences in the long run.
After a foreclosure, banks might still come after you and ask for payments for deficiency (the difference between what was still owed in the mortgage and what the bank was able to get for the home) and might question you when you apply for a second loan.
Looking for a Fast Solution?
You can do several things with your home in Odessa if you’re planning to relocate soon, but, if you want to sell your home within two weeks or less, contact Thousand Hills Properties. We’ll be happy to expedite the home-selling process so you can finally start a brand new life outside of Odessa!