Are you planning to move out of your current house and get a better one? Well, congratulations; this must be a very exciting time for you and your family. Whether you are moving out to get a better house or to get closer to your new job, the question remains: What will you do with your old house? This is a very important question to consider, but before you jump headfirst and sell your house to the first buyer, you should know that there are other options as well. So, check out the next few points.
Sell It
Well, we need to get this one out of the way. The most traditional method of dealing with your old house is to simply sell it. This is especially the right option if you cannot afford the mortgage on your new home without selling your old one first, which is the case for most people. Although selling your house can be pretty lucrative, you should enlist the help of a realtor. If you are a resident of California, then you probably know how expensive getting a new house can be. So, the experts at https://socalhomebuyers.com/ point out that by hiring a professional, you can sell your house faster and get cash in just a few days. This way, you do not have to go through the boring process of listing your residence and waiting for potential buyers who might never come. Overall, selling your house is a smart choice as long as you can get a good deal and have an expert by your side.
Rent It
If you can get a mortgage for your new house and do not want to sell your old one, then this solution is for you. Renting your residence can turn it into a source of steady income. This option also provides a safety net whenever you find yourself strapped for cash, as you can use the money you get from renting your house. However, keep in mind that you need to conduct thorough background checks on your potential tenants because they can default on paying the rent or, worse, destroy your property, forcing you to pay extra to repair it. Also, as a homeowner, you need to ensure the safety of your property because tenants can hold you liable if they sustain any injuries due to your negligence.
Rent the Driveway
Renting your house to people you don’t really know can be a headache. So, how about your rent only your driveway instead? Renting your drive as a parking area can be a fantastic option, especially if you are close to airports. By requesting a smaller fee than what people might find at airports, they will all flock to use your drive. The more you rent your driveway, the more money you can get. Therefore, you can amass a fortune with this method!
Make It a Movie Set
Filmmakers do not buy the houses they shoot scenes in; they just rent them for a few days, so why not rent your house for this purpose? Turning your house into a movie set can be more lucrative than the above ideas, as studios pay up to $1000 for just 8 hours of shooting. If your home is in a populous area, then it will be more attractive for filmmakers. Another good aspect of this is that film crews are more meticulous than normal tenants, so you do not have to worry about damages. The crew will put everything back in place once they are done. By making your home a movie set, you can get the best of both worlds. Not only will you see your old home on the big screen, but you will also gain a lot of money.
Turn It Into a Bed and Breakfast
Although this option will require some effort on your part, it can be a great way to make use of your old residence. Turning your home into a bed and breakfast means that more than one person will rent its rooms, so you will have a small business. Nonetheless, you will need to be present on the property often or hire a staff to take care of the guests’ needs. If done right, this option can turn your house into a cash cow.
Moving out can be confusing because you might not know what to do with your old house. However, there are many available options. From selling it to turning it into a small business, you can gain money from your old house and pay the mortgage on your new one. So, make sure to consult your family to settle on the right option
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
Speak Your Mind