It can be difficult for homeowners to decide where to live in the interim between selling their current house and buying a new one. There are several housing options available in the interim, but which one is best for you will depend on your circumstances and how long it will be before you move into your new house.
When you decide it’s time to sell your house, a number of variables will affect the housing options you have. Your options will be influenced by your budget. For instance, you might be trying to save some cash in order to cover moving expenses if you have already signed a contract with your new house. Seasonality also has an impact.
To learn which housing possibilities are often accessible at particular periods of the year, speak with your realtor about local real estate patterns in your area. Contact Berkshire Hathaway HomeServices at (310) 373-0021 now to get started with the home buying process.
Stay in your home
You have the choice to remain in your house while selling it. Understand that a completely staged home will fundamentally differ from the one you’re used to if your house is still on the market. There are extra choices for staying once you’ve sold your house. You can renegotiate a longer closing window or a rent-back arrangement with the new owners by working closely with your agent.
A rent-back agreement is a pact between the two parties that enables a seamless transition by having the seller rent their former house from the buyer for a predetermined amount of time prior to the new buyers moving in. A rent-back agreement may not be viable depending on how quickly the buyer has to move in and how competitive the market is, but in the appropriate circumstances it gives a win-win solution.
Rent a condominium or apartment
While you wait to move into your new house, renting an apartment or condo can ease the adjustment. Try to find furnished listings in your region, or look for units that offer furnishing at an additional cost, to prevent having to unpack all of your possessions just to have to pack them back up when it’s time to move again. Even though renting is an extra cost, this setup helps keep you organized while you’re relocating.
Stay with friends or family
If you have friends or family in the area who have room for you, they might be willing to let you stay with them until you can move into your new house. In this case, you’ll probably need to pay extra money to store your household items somewhere else. This is often the least priced option available.
Stay in a vacation rental
Finding a place to stay can be done with flexibility thanks to the short-term rental market. You can choose a location that won’t interfere with your everyday schedule by filtering your results by location. If you won’t be settling into your new house for a while, you can pick a rental with features that will suit your needs in the long run. Remember that the price of short-term rentals can quickly mount up and, in certain situations, even surpass the cost of renting an apartment or condo.
Stay in a long-term hotel
Staying at an extended-stay hotel is another well-liked choice for passing the time between homes. These hotels typically provide amenities including a kitchen, living area, laundry facilities, a refrigerator, internet, and other things that support long-term living.