Should You Keep Or Sell Your Home When Moving Internationally?

Posted by on Oct 19 | 2015

North American homeowners are faced with a number of choices when they move to a new country across the globe. With their home still in their possession, they can now decide how best to move forward in ensuring they retain the optimal value for the property in the long-term.

Buy Or Sell Your Home

Within this latest post, our team will examine the real estate options for those moving internationally.

Leasing could be a Potential Option

For those executives with family connections to their local area, it might be important to have a property to come home to once the contract in the destination country has been completed.

In this type of scenario, leasing presents an attractive option. But before placing their home on the leasing or rental marketplace, homeowners should ensure their property is protected. As part of this process, the homeowner should purchase landlord’s insurance, which will protect them in case a tenant inflicts major damage on the property.

It’s also important for executives to enlist the help of an accountant to review the relevant rental tax laws, as the Canadian government imposes strict and complex rules on income derived from rental property. Homeowners should also undergo a home inspection before beginning the leasing agreement. This inspection will note any current issues with the property and ensure that any changes to the property’s condition from the beginning of the rental agreement to the close of the agreement can be clearly identified.

Consider the Value of the Current Real Estate Marketplace

When evaluating whether to sell or keep real estate, there are myriad factors to take into consideration, and one of the most important is the current price of real estate in Canada. In Ontario especially, the price of real estate in major cities is exceptionally strong at this present time, and many experts are predicting that the market is reaching its peak, with demand set to lower in future years. Many owners may find that now is the ideal time to sell their property to recoup a larger return for their investment.

It’s important to speak with a local real estate agent about current housing pricing in the area before making any decisions on the property sale.

There are many options for those considering how to manage their real estate ready for an upcoming move to a new country. To learn more on the moving process, speak with our expert team today!

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