Three Tips For Buying A Home You Won't Live In For Long
Posted on: 4 October 2017
Are you planning to move to a new city with the knowledge that you'll probably only be there for a couple of years? Most people would rent an apartment in this case, but if you're the kind of person who prefers to own your home, buying is certainly an option. However, there are a few tips you should follow when buying a home you only plan to live in for two, three, or four years.
Don't Overpay
You never want to overpay for a home, but this is even more important when you may be re-selling the home after a few years. When you've only paid on the mortgage for a few years, you won't have that much equity. So, if you are not able to sell the home for as much or more than what you paid for it, you may actually have to pay to unload the home. Take your time shopping, and talk with your real estate agent to ensure your offers are in line with the home's true value.
Buy a Home That Will Work As A Rental
Even if your plan is to sell the home, life can bring unexpected changes, and there is a chance that the best choice--when you do need to move again--will be for you to keep the home and rent it out. So, before you buy, make sure the home would be suitable as a rental. This way, you won't have to make a bunch of updates before putting the home on the market. Some qualities to look for include:
- Secure doors with deadbolts
- A good location near major highways
- Plenty of parking space
- Updated heating system
Don't Buy a Fixer-Upper
You may dream of one day remodeling an older home to suit your needs, but if you're planning to move again soon, this really should not be your home. Once you get it all finished, you'll have a harder time leaving it behind! Plus, if you have to move sooner than planned, you'll have to sell a partially remodeled home--which can be tough.
It's okay to buy a home that needs a little work, but make sure the work is projects you can complete within a few months so there's no possibility of the work being unfinished when you need to move.
For more help buying a home you'll only live in for a few years, talk to a real estate agent in your area.
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