by Sandy Dodge
The time betweenĀ selling a homeĀ and moving into a new one can be a challenging period for homeowners that leaves them with a basic question:Ā Where should I live?Ā In the interim, there are various housing options to choose from but picking the right one depends on your personal situation and the amount of time it will take until you move into your new home.
Once you knowĀ itās time to sell your home, there are various factors that will have an influence on what housing is available to you. Your budget will help determine your options. For example, if you are already in contract with your new home, you might be looking to save some money in preparation for move-in costs. Seasonality plays a role as well. Talk to us about real estate trends in your local market to understand which housing options tend to be available at certain times of the year.
Where to Stay While You Sell Your HomeĀ
In Your Home
There is the option to stay in your home while you sell it. If your home is still on the market, understand thatĀ a fully-staged homeĀ will be fundamentally different from the one youāre used to. Once youāve sold your home, there are additional options for staying as well. ByĀ working closely with your agent, you can negotiate a longer closing period or a rent-back agreement with the new owners. A rent-back agreement is an agreement between the two parties in which the seller rents their old home from the buyer for an agreed-upon period of time before the new buyers move in, allowing for a smooth transition to take place. Depending on the buyerās urgency to move in and theĀ competitiveness of the market, a rent-back agreement may not be feasible, but in the right situation, it presents a mutually beneficial solution.
Apartment or Condo
Renting an apartment or condo while you wait to get into your new home can help make the transition easier. To avoid unpacking all your belongings only to have to pack them back up when itās time to move again, try to find furnished listings in your area, or search for units that offer furnishing at an added cost. Although paying rent is an added expense, this setup can help you stay organized throughout the moving process.
Friends & Family
If you have friends or family nearby that have space to accommodate you, they may be open to the idea of taking you in until youāre able to move into your new home. In this scenario, youāll likely need to store your household items elsewhere,Ā which will come with an added cost. Of all the options, this is typically the least expensive.
Short-Term Rentals
The short-term rental market offers a flexible approach to finding somewhere to stay. Filtering your results by location will allow you to select a place that wonāt disrupt your daily routine. If you wonāt be moving into your new home for an extended period of time, you can choose a rental with amenities that accommodate your longer-term needs. Keep in mind, the cost of short-term rentals can easily add up, and in some cases may be more expensive than renting an apartment or condo.
Hotel
Another popular option for riding out the interim period between houses is staying at an extended-stay hotel. These hotels usually offer amenities that accommodate long-term living like a kitchen, living space, laundry services, a refrigerator, internet, and more.
For more information on selling your home, visit theĀ Selling Page on our blog. To get an idea of what your home is worth, contact us to provide a market valuation.