Are you making a move that is likely to be temporary? For business persons, military personnel, and even those attending a university, circumstances could mean a relocation to a new area for only two, three, or four years. While this may be less than ideal, you can make the most of it — and even turn a profit — by finding the right place to call home for this period of time.
Here are three routes you might choose to take that could ease your burden or boost your finances.
1. Take on a Simple Home
You may not want to put too much work into what will be a temporary home. You may also need to focus on the reason that you're making the relocation in the first place — such as your studies, a new job, or a challenging post.
In this case, look for homes for sale that comes 'turn key', even if it's more basic than you'd like. Choose a home that needs little — if any — remodeling work and a yard that's already installed and just needs basic upkeep. Avoid extra rooms that you aren't likely to use or need. This will keep maintenance and cleaning to a minimum, allowing you to invest your time elsewhere and still get a decent price when you sell it.
2. Invest in a Fixer-Upper
What if your relocation will leave some extra time on your (or your spouse's) hands? Then you can turn a tidy profit if you use this opportunity to buy a lower price house that needs some renovation work. Then, complete this work over the course of your time living in the home. When you're ready to move, you'll have a much-improved home you can sell at a profit and pocket the money.
3. Plan for a Rental
Rental income is a great way to generate a financial source for years to come. And the easiest way to get into the landlord game is to buy a house and then rent it out when you're done using it. Look for a home that fits the needs of renters in this area, even if it's not quite perfect for your temporary stay.
When choosing a future rental property, consider things like access to transportation, good schools, the right size for the average family unit in the region, and easy maintenance. These aspects will increase its potential income when you decide to rent it out.
Which of these real estate plans is right for your temporary move? No matter what you decide, you'll surely find a great house both for the time you need it and for a good financial turn when you're done.