Whether you’re looking to upgrade to a newer, larger property, you’d like to get out of your current neighborhood, you want to be closer to work, or your kids have grown and it’s time to downsize, you might be interested in selling your home and moving to greener pastures, so to speak. But in times of economic downturn, it can be difficult to sell at a profit – or sell at all, for that matter. In such cases, you need to rethink your strategy. Here are some options that could help you to meet your housing and financial needs until such time as you are able to sell your home.
If the problem is that you simply don’t have enough space to accommodate your growing family, but you’re unable to sell and upgrade to something larger, there are ways to get more usable space out of your current property. For one thing, you can look for ways to make the space you have more suitable for your purposes. If you have some equity in your home, consider taking out a loan for home improvements.
This money could go towards finishing an attic or basement space, creating more room for your family. Or you might convert your garage to a bedroom or play area for the kids. You could also use your funds to build an addition on your existing structure or even a guest house in the backyard, space and city building codes permitting. Such upgrades could not only help to provide ample room for your family, but they could also add to the value of your property, increasing your profit when the housing market improves and you’re able to sell.
Of course, your problem might also be that you have more room than you need or a mortgage and related costs (property tax, homeowner’s insurance, utilities, etc.) you can no longer afford. If this is the case, the simplest solution is to earn a passive income by renting out your property. You don’t even have to rent the whole house – you could simply rent rooms to local college students, just for example. You might list a room or a portion of your home on vacation rental sites like Airbnb or VRBO. Or if you happen to have a granny flat already, you can rent it out as a separate unit.
Of course, you could convert your entire home into a rental property, paying all of your bills and earning a little extra in some cases to go towards rent on a much smaller apartment or condo for yourself. This will entail becoming a landlord, but if you’re earning enough on your rental property you could always hire a company like Triquest Management to deal with the tenants for you.
You’ll find that there are several alternatives to consider when you’re unable to sell your home for the profit you need to upgrade, retire, or otherwise walk away from your current property. So consider all of your options before simply letting your mortgage payments lapse and your credit go down the drain. You’re certain to find an alternative that will work for you until you can sell.