Combining Households

When you are moving in with a spouse or significant other, combining families, or consolidating households with friends, you have a lot of options: should you sell both homes and buy a new home? Should you rent both homes and wait for the seller’s market to improve? What if only one of the homes has solid equity? How long should you rent a home? These questions, in addition to the general confusion of transitioning households, can seem overwhelming, but with a knowledgeable realtor, like Travis Senenfelder, and a realty with a proven record of helping clients, like Buy Sell Lease Real Estate, combining households can be a rewarding and exciting process. Your decision depends upon finding the right balance between timing and opportunity in the current market. You want to find the right home for all residents quickly, but at the same time you want to have the right opportunity to sell or rent your home and get the right price. Generally, if the market is soft, it is often a better idea to keep both homes, lease each property out, and buy or rent a new home. This allows you and your fellow residents to wait for the market to rebound and enables you to capitalize on appreciation. Additionally, while you receive income from your rented homes, you can take advantage of the soft market and generally buy a home for a very low price. When the market rebounds, you can then sell each home. If, for one of your homes, the market is strong in that home’s area and you have built solid equity in that home, it may make the most sense to sell the home with strong equity, rent out the other home and wait for the market to rebound, and purchase a new home. If the market is strong in both homes’ areas and you have strong equity in both properties, it is generally recommended to sell both homes while the market favors selling. With the income from both homes being sold, you can upsize to a single owner-occupied home, or, alternatively, you can purchase a similarly priced home to occupy and another home as investment property. Of course, these are only general scenarios, but each time two households combine is unique and requires unique consulting advice and a unique marketing strategy. Here at Buy Sell Lease Real Estate in Excelsior, Minnesota, Travis Senenfelder and our other realtors strive to serve your very best interests in every sale and every purchase. If you are at all interested in discussing your unique situation and determining what makes the most sense for you, your family, and your long-term financial goals, contact Travis Senenfelder and Buy Sell Lease Real Estate today. Start your home search today.