Where do you live between selling your house and buying a new one? 7 options to consider
Planning a big move? In an ideal world, you’d seamlessly transition from selling your current home to moving into your new one. But let’s be real — life and the housing market rarely cooperate.
If you’re facing the limbo of buying and selling, the period between can be a logistical nightmare. The biggest question is often “where do we live if we sell before closing on our new home?” Thankfully, with some proper planning, you can bridge the gap and minimize the stress of living between homes.
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The need for interim accommodations arises from the timing mismatch between the sale of your existing home and the purchase of a new one. Leases don’t always align with the exact timeline of your transactions, and contingencies you’ve prepared won’t always protect you from an unexpected disruption.
It’s not a rare scenario. In fact, for many home buyers and sellers, it’s practically a certainty! Recognizing this, one primary question emerges: how do you approach finding a temporary abode that works for your unique situation?
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The decision of where to live isn’t one-size-fits-all; it’s the sum of individual variables, from location and budget to personal preferences and the composition of your household. Below are some standard (and not-so-standard) options to consider during your housing transition.
Leasing a furnished apartment or house on a short-term basis can be a straightforward way to bridge the gap between moves. It offers the comfort of a home without a long-term commitment. However, this option can be pricey, limiting it to those who can afford the additional expense. This approach is particularly suitable for families with children who need stability during the transition, or for anyone with pets for whom traditional hotel stays aren’t feasible.
Extended-stay hotels are specifically designed to cater to longer stays. They offer amenities that are more aligned with residential living, such as a kitchenette and on-site laundry facilities. They can provide a comfortable living situation, often with the convenience of a flexible cancellation policy. However, stays can be expensive over the long term.
For those in a pinch, traditional hotel stays might be the most immediate (if costly) solution. Short-term stays in hotels are cost-effective if you only need to bridge a short gap. Be sure to inquire about long-term rates and any hidden fees associated with prolonged visits.
Perhaps the most cost-effective option is to stay with friends or family. This approach is less expensive but may come with its own set of complications, such as tight living quarters, imposition on your hosts, and discomfort for your family. It requires a great deal of communication and consideration to ensure the arrangement works for everyone involved.
A “rent-back” agreement can provide sellers with the ability to rent their home from the new buyer for a short period. This is complex and not always feasible, but if it is an option, it can be a smooth way to transition without moving twice. It requires negotiation and legal agreements to protect both parties. Keep in mind that it also involves the buyers’ timeline, which may not accommodate a rent back situation if they’re also selling a home.
Corporate housing—typically designed for business travelers—offers a home-like environment with the convenience of usually being turn-key ready. While often pricier, it presents itself as a highly convenient option for those in need of a quick-and-easy transition.
Temporary relocation services specialize in finding housing for people in exactly your situation. They can do the legwork of securing a temporary home and take care of the move-in and move-out logistics, usually at a premium. These services can be particularly beneficial for those who require a lot of help and are willing to pay for it.
Once you’ve settled on the type of temporary housing you’ll pursue, the next step is to plan the logistics. This involves securing a lease, understanding the local environment you’ll be living in, and preparing yourself for the next chapter in your life.
Time is of the essence when it comes to moving between homes. Often, buyers are stuck in limbo: waiting for the existing owner to move out, yet facing a deadline for when they need to leave their current home. It’s a delicate situation that could be upended by complications on either side. Here’s how to manage it with finesse:
Of course, the best way to handle temporary housing is to avoid the need for it entirely. Wi, by buying your new home before selling. If that doesn’t sound possible in your situation, you ight consider “Buy Before You Sell” programs, which can secure your new home before listing your current one, eliminating the need for temporary housing altogether.
With these programs, you’re essentially getting a mortgage for your new home while still living in your old one. This allows you to be a cash buyer, a significant advantage in competitive markets. Once you move into your new home, you can sell your old one.
This innovative approach to the real estate market could be the key to a stress-free move — one that doesn’t leave you searching for a frustrating and expensive stopgap living situation.
Learn what to do if the buyers want to move up a closing date
Once you’ve moved into your new home and bid goodbye to temporary housing, there’s still work to be done. This phase involves transitioning back to your regular routine and ensuring that all ties are severed from your temporary abode.
Ensure that your new residence is prepared for your arrival. This includes setting up utilities, having the address changed for important documents, and making any necessary adjustments so that life can resume as normal as quickly as possible.
When you vacate your temporary home, you’ll need to clean and organize for the next occupants. To avoid charges and maintain good standing with your temporary landlord, leave the property in the condition you found it.
Finally, take some time to reflect on the move. What went well, and what could be improved upon for the future? Use this experience as a learning opportunity and a chance to apply your newfound knowledge to future moves.
Deciding where to live between home transactions is a deeply personal one, dictated by your finances, lifestyle, and circumstances. By understanding your options and the steps required to execute them, you can make an informed decision that balances comfort, convenience, and cost.
With a little planning, flexibility, and maybe even a touch of innovation, the transition from one home to the next can be a positive step forward, free from the stresses of temporary living.
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