Homeownership is the goal of many, as it allows them to put down roots and settle into a property that they can call home. However, if you are a military family, owning your own home can come with its own headaches when it is time to PCS and you cannot find a buyer for your property. What are some of the alternatives to selling your home when you PCS?
Become a Landlord
Many homeowners never imagine that they will one day become a landlord, but this is certainly a viable option if you cannot sell your home in time to PCS. Spending several years as a landlord can help you to keep up with mortgage payments and even start to build up equity into your property so that you are in a better position to sell your home when the market turns around.
If you decide to become a landlord, how will you manage your property? Many landlords hire a property manager to take care of their home for them, which serves to relieve the stress of searching for tenants, taking care of property maintenance and running background checks on potential candidates.
Rent Out Individual Rooms
Some landlords go a step further and rent out individual rooms in their home. If you have a large property, with four or more bedrooms, consider renting out rooms individually to different tenants. Renting out individual rooms can considerably increase your overall rental income, but make sure you screen each individual tenant and have a lease or rental agreement in place.
If you are about to PCS, but have been unable to sell your property, there is no reason to give in to despair. There are many available options, other than foreclosure or settling for a price that is well below the asking price. One option is to become a landlord, by either personally managing the property or hiring a property manager to take care of your property for you in your absence. Some landlords even go a step further and rent out individual rooms in their home, which will significantly increase their rental income.
Military.com, Alternatives to Selling Your Home.