Breaking the myths about Relocation

The American dream isn’t complete without a house you can call your own!  A particularly popular trend in high-growth areas like California and Las Vegas was that people purchased properties, called it home for a few years, and later sold it a much higher price. This was done when jobs were aplenty, and homes weren’t as expensive as they are today. Relocating wasn’t as stressful as it is now. The recent economic downturn and the massive slump in housing prices have made it difficult for homeowners to sell their house. In fact, we now have people turning down job offers because relocating means having to deal with a home sale and the stress that comes with it.  

The Ever-changing Needs

Family needs evolve with time. Reasons like marriage, children, acquiring of possessions, or job promotions can lead you to think of relocation. Sometimes for younger couples, more space may be the only solution; while older couples may want to move in to a smaller house when children move out.  When people simply want a change of pace, a new focus, they would ideally like to cash in on a home’s built-up equity and seek a new property. Cash for houses buyers can be a good option for such homeowners.

Relocate or Remodel

Unlike the earlier times where the homeowner was assured of earning a considerable profit, today home prices and mortgage rates are at a historic low. This has meant a decrease in property value, and sellers simply can’t get the price they need to afford a new home. Hence, many homeowners have to unwillingly consider improving their current homes, which turns out to be an expensive affair and comes with its unique problems.

1. Impractical: If you intend to eliminate or consolidate your living space by moving external structural walls, remodeling is not the way to go. Alternatively, if what you’re seeking is more of a residential do-over, understand that it will most likely require a massive outlay of funds, which unfortunately will not show returns in the property value.

2. Financial implications:  A homeowner usually takes a loan from a commercial bank for remodeling projects, which approves a second mortgage on the property. These in turn, generally requires a higher credit rating from borrowers and carries a higher interest rate and shorter payoff terms. Approvals of such loans depend on several factors like equity in your property, the actual cost of renovation, and the expected increase in market value.

3. Construction Hassles:  Remodeling is always a daunting task. The pain can be overwhelming as it means months of living with the irritating high-pitched whine of an electric saw and the presence of strangers in your house day in and day out.

If you plan to relocate to a new city, or find it extremely difficult to sell your house fast and at a good price, contact southernnevadahomebuyers at the earliest. We buy houses in Las Vegas and can make an offer for your house in as-is condition.

Start your life afresh.