To Sell, Rent, Or Airbnb? Three Options When Moving!
When you have received an offer for a company in a different city, it’s an exciting time! You’re looking at new challenges and a new city to explore. For homeowners, there is a decision to make. Historically, you would decide if you want to sell your property and buy another one or if you’d want to rent your property out for passive income. Now, there’s a third option that homeowners can consider: turning their old place into an Airbnb!
As you might expect, each option has its pros and cons. Let’s take a look at each choice to see which is best!
Sell Your Home
Traditional wisdom has always said that you should sell your home and buy a new one near your new place of work. Sometimes this is the right approach, especially if your home value has appreciated significantly compared to your new destination. You might be able to sell your property and have some extra money left over to have fun with or pay down debt.
However, selling your home has an emotional cost as well, and there’s no opportunity to “go back.” What if you don’t like the new job and the city after all? Depending on where you’re moving, it can be a significant change that you might not like (e.g., if you’re going from a small town in Indiana to New York). Selling your home, however, has no way back if you change your mind.