Owning one’s home is a dream many aspire to, including military families who often move around every few years. But as a military member, what should you do when you cannot sell your home?
Have Several Plans in Place
There is no reason why military families should lose their homes to foreclosure or struggle to make the monthly payments if they cannot sell their property in time for their PCS move. Families should always plan for the possibility that they will not be able to sell their property in time for the move and have a Plan B, C and even a Plan D in place in case this happens. Remember that a property that sits idle with no occupants will need to be maintained and the mortgage will still be due each month to avoid defaulting.
The Benefits of Temporarily Living Apart
Some military families decide to temporarily live apart while one or more family members deal with their unsold home, by taking care of property maintenance, adding extra security features and continuing to look for ways to deal with the problem of their unsold home. By temporarily living apart, some families are able to find suitable buyers or tenants who are willing to pay the full asking price.
Turn Your Property into a Source of Income
Turn your property into a source of income by renting out the whole of your property or individual rooms to multiple tenants, to help meet the monthly mortgage payments. The extra source of income will help offset the burden of maintaining two households, one in your new location, and the other back at your last location. Hiring a property manager to take care of searching for tenants, making sure property maintenance is carried out, and background checks are performed can also help take away the worry of renting out your home.
Allowing your property to sit idle after you PCS will not help you to overcome the problem. Doing so will only exacerbate the problem over time. Rather than give up when you cannot sell your home, or settling for a low offer, take action to keep your home, and avoid financial loss from foreclosure and mounting debt. Have several plans in place in case your house does not sell in time for your move and consider temporarily living apart while the issue of your unsold home is resolved. Another viable option is to turn your property into a source of income by renting out the whole property, or individual rooms.
Military.com, Alternatives to Selling Your Home.