Now that we’re coming out of the pandemic, 71% of Americans say they plan to travel in 2022. And 29% say they’re going to spend more on their trips this year than in 2019.
One popular thing that’s arisen is home swaps, where people from different countries switch houses for vacation. You might want to give that a try, but what if you like it so much, you want to make it permanent? That’s actually possible!
Check out this article to see how a permanent house swap works and if it’s the right choice for you.
The Permanent House Swap Process
Obviously, you’ll first have to find another homeowner who’s willing to do the permanent home exchange with you. This might sound challenging to do, but in reality, there are many house swap sites where you can find people who are looking to do a house exchange, just like you are!
Once you’ve made an agreement to buy each other’s houses, you’ll then sign separate purchase and sale agreements. And lastly, you’ll close on the same day to have things on an equal playing field.
Of course, this is all grossly simplified. Here are a few things you need to consider.
Get a Real Estate Attorney’s Help
In an ideal world, once you’ve found someone to do a permanent house swap with, you’ll sign the papers, move out of your original house, then get into your new one with no issues at all. However, there will always be unscrupulous and flaky people, so you want to make sure you’ve covered all your bases before you get into this situation.
Having a real estate attorney by your side for this journey can save your skin, especially if they’ve done a permanent house swap before. They can tell you all the details and what to watch out for so you can assess whether or not it’s worth the risk. They can also determine if a seller’s being fraudulent and misrepresenting their property’s real value.
Can You Swap Houses With Mortgages?
The good news is yes, you can!
However, one or both parties may have to qualify for a new mortgage. This might add some trouble that you (or the other party) don’t feel is worth going through.
For example, the new lender might want you to clear your existing debt before they give you a new mortgage. This means you’ll have to submit the closing documents to them as proof that you’ll use the money from your house sale to settle your old mortgage.
Look Into Permanent Home Trading Today
If you want a change of scenery and want to sell your home fast, then a permanent house swap might be just what you need. While it comes with some complications that a normal property sale doesn’t have, it can be a creative solution to starting a new chapter in your life.
To learn more about real estate and travel, why don’t you browse the rest of our blog page? We’ve got plenty of informative articles!
