When Should I Sell My House and Rent an Apartment?

A house we buy
  • By My Tennessee Home Solution
  • 29 Jul, 2022

Crazy market conditions, personal circumstances, or even a desire for a change of scenery can lead anyone to ask themselves this question. While the answer is not always clear, there are certain situations where it may make more sense to sell your home and rent an apartment. Not everyone is ready to commit to a mortgage, or maybe you’re simply not ready to put down roots in one place just yet.

The desire for flexibility is understandable, especially with everything that’s going on in the world right now. Life can be unpredictable, and sometimes it’s just easier to go with the flow and not have to worry about things like homeowners insurance, property taxes, or upkeep and repairs. As our blog post explains, “Renting gives you the opportunity to live in a variety of places without being tied down to one particular location.”

On the other hand, there are plenty of good reasons to keep your home and stick it out for the long haul. For one thing, building equity in your property is a solid investment, and over time, your home will likely appreciate in value.

Contact sell my house fast Clarksville company that buys houses as-is for a fair, all-cash price.

You’re constantly moving for work

If your job requires you to move around frequently, it may not make sense to keep a home. It can be a hassle to try and sell it every time you get a new assignment and finding a buyer who’s willing to commit to such a short-term sale isn’t easy at all. In that case, renting an apartment would give you the flexibility to pick up and go as needed without having to go through the time-consuming process (and expense) of selling your home every time.

Having financial difficulties

Stuck in a difficult financial situation? If you’re finding it hard to make ends meet or keep up with your mortgage payments, selling your home and renting an apartment can give you some much-needed breathing room. 

It may not be the ideal solution, but it can provide some relief in the short term until you’re able to get back on your feet. Free up some extra cash by sell my house fast Clarksville TN and unload the financial burden of owning a home – otherwise, you risk falling behind on your payments and damaging your credit score, which can have long-lasting effects.

Dealing with a lot of life changes

Life has a way of throwing us curveballs, whether it’s a relationship change, the birth of a child, or something else entirely. Sometimes, these changes can be sudden and unexpected, leaving us scrambling to figure out what to do next. If you’re in the middle of major life changes and don’t know how long you’ll need to stay in one place, putting a home up for sale is the answer, and sell my house fast in Clarksville is the right choice to get the job done quickly.

A divorce, starting a family, or simply wanting a change of scenery are all examples of when you should go for selling a home and renting an apartment instead. It is a tough decision to make, but if it’s what’s best for you and your family, then it’s worth considering.

It’s time for a change

Sometimes, people simply need a change of pace. If you’re feeling restless or like you need a fresh start, selling your home and renting an apartment can give you the chance to start over. Once you’ve sold your home, you can use that money to put towards a new place, whether it’s an apartment or something else entirely. Still undecided or have more questions? Don’t hesitate to reach out to sell my Clarksville house fast.

Difficult housing market conditions

For some, renting after selling can be the perfect way to avoid the mad rush to find a new place — especially if you’re in a seller’s market with low inventory and fierce buyer competition.  (1)

The current housing market is becoming increasingly difficult, making it the perfect time to cash in on your home’s equity – with interest rates rising and home prices plateauing, it’s a tough time to buy a home. In fact, 2018 was an eye-opening year -many buyers realized the market isn’t cooling down anytime soon, and homes that were considered expensive are selling now for even much higher prices.

As a seller, you have an upper hand

The biggest worry for many homeowners is whether they’ll be able to sell their home for a good price – but in today’s market, that shouldn’t be a concern. If you live in a desirable location or your home is in pristine condition, there won’t be any problem fetching top dollar for your property. Especially in negotiations, being a seller gives an advantage – you can be more choosy with buyers, and you’re in a better position to walk away from a low-ball offer.

One tactic that is becoming extremely popular is the seller’s rent back, in which the seller has the option to remain in the home for a set period of time after the sale is finalized. This can be beneficial for those who want to sell their home but aren’t quite ready to move out just yet – it gives you the chance to find your perfect next home without being rushed.

Closing costs can take a big chunk out of your profits

Depending on where you are going to live, closing costs can range from 5-7% of the total sale price of your home. So, if you buy a house for $200,000, you could be looking at anywhere from $10,000 to $14,000 in fees – and that’s not even including realtor commissions. Mortgage, title insurance, appraisal, inspection, and other miscellaneous costs can quickly add up to make a major impact on the final sale price.

You are a cash buyer

Robert Wagner says “As rates go up, an individual’s buying power decreases.” Timing is everything in real estate – and if you happen to have a large sum of money saved up, now may be the time to use it. All-cash buyers are often able to get a better deal on a home than those who need to finance their purchase.

This is because sellers are always looking for a quick and easy sale, without the hassle of dealing with a bank or other financial institution. By being a cash buyer, you’ll be in a much better position to negotiate with the seller – often, they’ll be more willing to accept a lower offer if they know there won’t be any delays in getting the money.

You don’t want to be a landlord

For many people, the idea of being a landlord is a nightmare – and it’s not hard to see why. Dealing with tenants, maintenance issues, and late rent payments can be a major headache, and it’s not something everyone is cut out for. If you are the one who thinks that way, then selling your property and renting an apartment is probably the best decision.

You want to downsize

People usually sell houses when they are ready to move on to a bigger and better property – but sometimes, the opposite is true. If you’re looking to downsize, either because your kids have moved out or you simply want a smaller place, then selling your house and renting an apartment can be a great way to do it. Downsizing can save you a lot of money in the long run, both in terms of your mortgage payments and your overall living expenses.

We hope this article has given you some food for thought – there is no right or wrong answer. It all depends on your individual situation and what you are looking for in the future. Before making any decision think about your financial situation, lifestyle, and your long-term goals – only then you’ll be able to decide what is best. Weigh in all the pros and cons then consider sell my house fast Nashville TN for a better deal.

Get Cash Offer Now!

We want to ensure that you have all the information needed to make the informed decisions when it comes to selling your house fast. When you enter your info below you will get instant access to the Off Market Home Sales Guide.