My next door neighbors kept asking me what to do if they had to go live with another family member. They are aging and a little bit afraid of caring for themselves in the future. They were basically wondering what they should do if they ever needed to sell their home quickly in order to move away. Well, I’ve lived in my personal residence quite a while now and these neighbors know I’m a real estate investor, and that I buy and sell homes for a living. They know I sometimes keep homes as rental properties, although I prefer to resell them again right away.
Of course, there are quite a few things about selling one’s personal residence that are the same as selling investment property, and then there are other, completely different things between the two. For a simple example, whenever we sell a home it means we have to move out. I know that sounds obvious, but it is probably the most significant difference between selling the home I live in compared to an investment home.
Whenever I sell a residential property that was purchased as an investment all I have to do at closing is sign papers and collect my check. At that point the property changes hands to the new homeowner and my responsibilities are over. My investment properties are usually vacant so I don’t have to pack and move any belongings, or put anything in storage. That is a whole lot easier than moving my belongings to a new residence whenever we sell a home quickly.
My neighbors have lived in their home for a long time, having raised their children in the home; so they have quite a bit of furniture to store or sell. Actually, I think that’s why they asked me for advice, because they just don’t want to be in an awkward position when they have to sell. They don’t want to have a buyer for their property but no place to move their belongings. Many people opt to stay in a motel or an apartment temporarily, but finding a place for their possessions is another matter.
What I told my neighbor may not be common knowledge, so it may be new information for you, too. I told them that to get bids from specialty movers, the ones that take photos of everything, then pack it all up, keeping careful records of every item in each room. They scan these records so they are available online for the homeowner, whenever belongings are needed anytime in the future. This is how we handle if we need to move quickly when we sell our home.