When it comes to Permanent Change of Station (PCS) moves, relocating overseas presents a unique set of challenges for military personnel and their families. One of the key considerations is what to do with your home while you are stationed OCONUS (Outside the Continental United States). This article aims to provide valuable insights and guidance for navigating this decision-making process. Whether you are weighing the options of renting or selling your home, exploring property management solutions, or seeking temporary housing, understanding your choices and being prepared can help ease the transition and ensure a smooth experience during your time abroad.
Understanding the challenges of PCSing OCONUS
What is PCSing OCONUS?
So, you’ve received your PCS orders, and it says OCONUS. But what does that even mean? OCONUS stands for “Outside the Continental United States” and refers to military members being stationed outside of the 50 states. It can be an exciting opportunity for new experiences and adventures, but it also comes with its fair share of challenges.
Common challenges faced by military personnel
PCSing OCONUS is no walk in the park. It involves uprooting your life, saying goodbye to friends and family, and adapting to a new culture and environment. On top of that, there’s the question of what to do with your home. Should you rent it out or sell it? It’s a decision that requires careful consideration and weighing the pros and cons of each option. Let’s dive into that next.
Renting vs. Selling: Exploring the options for your home
Assessing the current real estate market
Before making any decisions about your home, it’s important to assess the current real estate market. Is it a seller’s market or a buyer’s market? Are prices on the rise or declining? Understanding these factors can give you a better idea of the potential value of your home and whether renting or selling is the more favorable option.
Pros and cons of renting out your home
Renting out your home can be a great way to generate passive income while you’re away. It allows you to hold onto your property and potentially benefit from appreciation in the housing market. However, being a landlord comes with its own set of responsibilities, such as finding reliable tenants, managing repairs and maintenance, and dealing with potential vacancies.
Pros and cons of selling your home
On the other hand, selling your home can provide a sense of finality and eliminate the stress of managing a rental property from afar. You’ll receive a lump sum of money that can be used for other expenses or investments. However, selling your home means saying goodbye to any potential future income from renting, and you may need to navigate the often unpredictable real estate market.
Renting Out Your Home: Steps to prepare and manage your rental property
Evaluating your home’s rental potential
Before diving into the world of renting, it’s essential to evaluate your home’s rental potential. Consider factors such as location, amenities, and the demand for rental properties in your area. Doing some research can help you determine if renting is a viable and profitable option for you.
Preparing your home for renters
Once you’ve decided to go the rental route, it’s time to prepare your home for potential tenants. This may involve deep cleaning, making necessary repairs, and ensuring that all appliances and systems are in good working order. Remember, a well-maintained and attractive home will attract quality tenants.
Setting a competitive rental price
Pricing your rental property competitively is crucial for attracting tenants quickly and maximizing your rental income. Research similar properties in your area to get an idea of the current rental rates, and consider factors such as location, size, and amenities when setting your price.
Planning Your Next Move?
Connect with Veteran & Military Spouse Real Estate Agents and VA Loan Experts You Can Trust.
Finding reliable tenants
Finding reliable tenants is crucial for a smooth renting experience. Conduct thorough background and credit checks, and don’t hesitate to ask for references. Creating a detailed rental agreement that clearly outlines expectations and responsibilities can also help set the tone for a positive landlord-tenant relationship.
Tips for managing your rental property from abroad
Managing a rental property from abroad can be challenging, but it’s not impossible. Consider hiring a property management company to handle day-to-day operations, such as rent collection, maintenance requests, and tenant communications. With their help, you can enjoy your overseas adventure without the constant worry of managing your property.
Selling Your Home: Tips for a successful sale in the current market
Understanding the local real estate market
If you decide that selling your home is the best option for you, take the time to understand the local real estate market. Work with a knowledgeable real estate agent who can provide insights and guide you through the selling process. Being aware of market conditions and recent comparable sales will help you price your home competitively.
Preparing your home for sale
To make your home shine in the competitive real estate market, consider investing some time and effort into staging and decluttering. First impressions matter, so ensure that your home is clean, well-maintained, and visually appealing. Remember, a little bit of effort can go a long way in attracting potential buyers.
Pricing your home competitively
Setting the right price for your home is crucial. Pricing too high can lead to your home sitting on the market for an extended period, while pricing too low may result in missed opportunities for maximizing your return. Work with your real estate agent to determine the optimal price that reflects the value of your home and aligns with current market conditions.
Free First-Time Homebuyer Guide
Make your move less stressful with our step-by-step first-time homebuyer guide.
We respect your privacy. Unsubscribe anytime.Marketing strategies to attract potential buyers
To attract potential buyers, you’ll need to develop effective marketing strategies. This may include professional photography, virtual tours, and online listings on popular real estate platforms. Your agent can help you create a comprehensive marketing plan that targets qualified buyers and increases the visibility of your home.
Working with a real estate agent
Navigating the real estate market can be challenging, especially when you’re overseas. Working with a trusted real estate agent can provide you with the expertise and support you need throughout the selling process. They will handle negotiations, paperwork, and ensure a smooth transaction, allowing you to focus on your OCONUS adventure.
Remember, whether you choose to rent or sell your home, weigh the pros and cons, do your research, and seek guidance from professionals. With careful planning and consideration, you can make the best decision for your home while embarking on your exciting journey abroad.
More PCS Planning Resources
An overseas move has extra moving parts, so start with our guide to preparing for an overseas PCS and keep the logistics on track with the ultimate PCS checklist and timeline. If you decide to sell from a distance, our guide to buying a home sight unseen during a PCS move explains how remote transactions work, and a refresher on the benefits of a VA loan helps when you buy again stateside. For the full pre-move picture, see what you need to know before you PCS.
When you are deciding whether to rent or sell before going OCONUS, connect with a VeteranPCS agent who can run the numbers for your specific home and timeline.
Share this guide with a fellow service member headed OCONUS who is weighing what to do with their home.
