Sell the house now?

[defygravity]

My husband and I have jobs and a house in a town we no longer have any ties in (family, etc.). We hope to be hired overseas for the 2014-2015 school year. Regardless of whether we are hired or not, we do not plan to stay here. We are thinking about going ahead and selling the house to make sure it sells. We can easily get an apartment and store the extraneous stuff. Did anyone else sell their house that early? I know we could keep it and rent it for the benefits, but we really don't have anyone we trust to property manage. I would appreciate any thoughts or advice.
Thanks, defygravity

[heyteach]

This is really a personal/financial decision; having a job or not seems not to have much bearing on it. Doesn't sound like there are any pros to hanging on to the house. Might as well prepare it for sale now so you're not scrambling before having to move overseas.

[JISAlum]

"Regardless of whether we are hired or not, we do not plan to stay here."

That seems to answer your question. Had a bad experience trying to manage property from overseas- and wouldn't want to do that again....for what it's worth.

I'd put it up now and plan on moving no matter what.

[PsyGuy]

You can use a professional management company to rent your house out while your gone. If your going to sell the house and want any decent value on the sale, you need at least a year depending on the market.

Honestly, though whether to sell or keep a home is your own call. I know teachers that waited to the last minute to sell, and it didnt happen in time, they ended up having to pay their mortgage and property taxes while they were overseas, and had to have a someone check in on the house while they were gone.

[Trojan]

Depends, also, on what kind of rent you could conceivably get in the market you're in. No point if you can't get your mortgage and then some. There might be some additional taxes you'd have to pay as a landlord too.

Getting friends or family to manage for you could be a slippery slope too.

Give yourself time to sell, as having it still for sale when you are out of country sounds like a nightmare. Giving someone else power of attorney, not being able to focus fully on the new challenges in your new country and job, etc.

Also, if it sells quickly, be ready to move somewhere else on a short term lease, live with family, and so on.

[bish180b]

personally i would rent it out...that way someone else is helping or paying off ur mortgage while ur house is gaining value at the same time

nice little thing on the side

[Teachermom]

We kept our house in the States though we never plan to move back, but that decision was because we purposefully bought a house that can "cash flow".

We have a professional property management company that deals with the tenants for us.

Even minus the fee we pay them each month, the rent pays off the mortgage and gives us an extra few hundred dollars each month. That being said, most of that surplus is eaten each year by something breaking (water heater this year) or just needing replaced (carpets next year). However, we figure we're breaking even, and like bish180b said, someone else is paying off our mortgage.

I would definitely NOT keep a house unless the numbers worked and unless you can find a good, professional, property management company.

Also, if you do become a landlord, make sure you keep a cushion of a few months' mortgage in your savings account, in case you can't find renters immediately.

[wanderluzt]

Albiet we are new to being overseas, we kept our house and are using a management company to handle our affairs, mortgage, anything breaking, etc. While our renters our paying a large sum of our mortgage, it is not all in its entirety and we do have to put a few hundred dollars towards the mortgage and the management company (we personally knew the MC). BUT when we figured out what we would have to come to the table to sell our house (we would have to pay more now tan what it is worth) and when we figured out the numbers of of our overall plan, it was just best to keep it at this point in time. We do not have any intention of coming back any time soon but it was in our best interest to keep it. We too have had to pay for some "breakage" (some roof damage from a large storm, a stove issue) but we do pay a monthly fee for a home warranty and that does bring some comfort. We also put a little money aside should some major issues happened with the house that would not be covered for the mortgage. I personally wish we did not have a house but we bought it when the market was high so that is our own fault. Bottom line, someone is paying the mortgage (and so are we) we have someone we trust looking out for it and we did not have that kind of cash to come to the table if we had been able to sell it (not short sale it although that is an option you could look into if the need is available).

[matt]

Give yourself some piece of mind and sell that house. I had major issues with mine but held onto it for sentimental reasons. Ended up losing some money on it when I finally did sell it a couple years after moving overseas but it certainly ended up costing me a friend (one of my renters who did not take care of the place too well) and made me put an undue burden on another trusted friend. (gave him power of attorney)

Interest rates are low right now so in a few years when you figure out where you want to come home for the summers and Xmas, then you'll have enough in the bank to make a down payment.

[wrldtrvlr123]

[quote="matt"]Give yourself some piece of mind and sell that house. I had major issues with mine but held onto it for sentimental reasons. Ended up losing some money on it when I finally did sell it a couple years after moving overseas but it certainly ended up costing me a friend (one of my renters who did not take care of the place too well) and made me put an undue burden on another trusted friend. (gave him power of attorney)

Interest rates are low right now so in a few years when you figure out where you want to come home for the summers and Xmas, then you'll have enough in the bank to make a down payment.[/quote]
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We've sold houses twice when we have gone overseas and managed to make a bit of money both times. I don't regret it at all and it's a relief not to have to worry about housing markets, hurricanes, insurance and/or renters.

[Overhere]

We have done both, sold and held on to a house, when going overseas and there are benefits to both. Right now our house is empty with our kids checking in on it and it sure is nice to go back to in the summer. I am not big on couch surfing and I love having my own place to retreat to during the throes of jet lag. However, we sold once because we couldn't afford to hold on to the house and the pain of being an absentee landlord was not my cup of tea. You need to do what feels right to you. If you do sell theres nothing preventing you from buying in the future and if you decide to hold on to it you can always sell it while you are overseas, I've done it by fax before.

[Gipper]

Good to see your post, Overhere. We are moving back overseas in July and are going to keep our house this time for the very same reasons as you. Last time we went overseas we sold our house. Spending the summers hopping from place to place was stressful to us. We do not want to rent out our house as we want to enjoy it when we return in the summers (and would worry about renters taking the same level of care with the place as we do). It's the perfect house in the perfect location and very hard to come by, so selling it is not an option anyway.

[defygravity]

Thanks for all the info and personal experience. It solidifies what we were thinking, but it never hurts to check. :D