If you're no longer in love with your home like you once were, you're not alone. A countless number of homeowners are in the same predicament as you. However, as an investment, you can't simply walk away from your home simply because you don't want to live there anymore. Fortunately, there are a handful of options you have available to you to get out of your home without sacrificing your credit and your financial freedom.
Rent It Out
If you're no longer interested in living in your home, one option you have available to you is to rent your home out for a period of time. If you can afford to rent a property on a temporary basis, move out of your home so you can bring in a tenant. If you have future plans to purchase another home, but want to save up your money first, you can rent out your home on a temporary basis.
For example, if you want to purchase another home in five years, rent out your property for five years. Since market value for a rental property is typically higher than mortgage cost, pocket the money you earn over your mortgage and save that for your down-payment on a new home.
Sell To An Investment Group
Another option you have is to sell your home. Instead of going through the traditional process of listing your home with an agent and anxiously waiting for the right buyer to come along, you can sell your unwanted property to an investment group. You may have seen or heard about groups like these, who often have slogans such as, "we buy houses." Selling to these types of buyers is much easier and far less stressful than selling in a traditional manner.
With this process a representative from the investment group comes out to look over your property. As part of the visit, the investment group will take into account the area where your home is located, its current market value and condition. If your property meets the characteristics the investment group is looking for, they will make an offer. Instead of a long drawn-out selling process, you will have the opportunity to sell your home in a short amount of time with cash up front.
If you are looking to get out of your home, but want to get out of your mortgage the right way, there is a way out. You don't have to stay living in a home that you no longer want. There are options available to you to help you get out of your home, without walking away.