Best Alternatives to Consider
When they finally get the deal done and sell a house, it asks for nothing other than a grand celebration! However, many keep wondering where to live between selling and buying. Sometimes it is necessary to find a place to stay between selling and buying a new home, no matter the reason.
There are a few options to choose from regarding where to live between selling and buying – you can stay with friends or family, rent a furnished apartment or house, and lastly, some people choose to live in a hotel, motel, or an RV park. No matter which option you choose, have a plan and budget in place so you can make a smooth transition into your new home.
If you’re having trouble deciding where to live – between the decision to sell your home or purchase it – here are a few tips to help get started:
1. Recreational vehicle
If you are someone okay with living in a tight space, an RV can make an ideal temporary home. This is a great option, as you can park them anywhere, and they are often available at a reasonable price.
Make sure you have a place to hook up the utilities, and you’ll be all set. If you park your RV in an area with water, electricity, and natural gas, you should have no problem living in it. RVs are autonomous vehicles.
Because you don’t have to pay rent to live in an RV, you can choose a convenient location near the city, rather than within the city, to avoid spending unnecessary money on a lease.
The main downside of living in an RV, while buying and selling a home, is the hassle and expense of constantly moving your belongings. You also must be more mindful of security since your home is more exposed. Additionally, extreme weather can make a living in an RV uncomfortable or even dangerous.
2. You can live with friends or family.
Living with friends or a family could be a great solution as it provides a safe place to stay for a while. This option can be cheaper than renting an apartment or a house, plus you can spend quality time with your favorite people!
Moving can be highly stressful, and having a support system nearby can be excellent. If you have friends or family, see if they would be willing to let you stay with them for a few days or weeks. This can help make the transition a lot smoother.
On the downside, you may have to deal with more conflict and less privacy.
3. Rent an apartment or a house.
Another idea is to rent an apartment or house in the interim. Whether you rent something permanent or temporary, it can help you while doing a little house hunt. Depending on your plans’ availability and timing, you may be able to rent the place you’re considering buying. These days, more people are doing this, and if you think you can handle living alone, this could be a great option.
You can rent an apartment or a house depending on your budget and preferences. Do your research beforehand so you don’t get in a bad situation.
Also, don’t forget to read the lease agreement carefully before signing anything.
- You may have to move twice if you can't find a rental property that aligns perfectly with your home's sale timeline.
- You may have less space in a rental property than in your home
- You may not be able to keep pets in a rental property
- There may be restrictions on painting or making changes to the property
4. Hotel stay package.
Go for an extended hotel stay package between selling and buying a house. Selling a house can be stressful and time-consuming. If you are considering selling your home, you may want to consider an extended hotel stay package.
During the selling process, a hotel stay package can provide a place to stay. An extended hotel stay can allow you to relax and enjoy your time off from work. It can also be an opportunity to explore a new city or town.
A hotel stay package can help give you time to pack and move your belongings to your new home.
The downside of this option is that it can be expensive and disruptive to your daily routine.
5. Rent-back agreement.
A rent-back agreement is when the seller of a property agrees to continue living in the home for a set period after the sale is complete. This can be a great option if you need to sell your home quickly but don’t have anywhere else to go. It can also be an excellent way to avoid having to move twice.
Sellers who rent back their home after selling can often negotiate a lower sales price in exchange for the rent-back agreement. This can be a great way to save money on your sale. If you’re considering entering a rent-back agreement, consult a real estate attorney to ensure that the contract is legal in your state and that you understand all the terms and conditions.
The great news is that you will only have to move once with this option. However, bear in mind that buyers may not be so willing to take on an offer like this. It can also risk losing potential buyers when selling your house.
6. Short-term rentals.
If you are selling your house, you can go for a short-term rental. You can find plenty of great options for short-term rentals online and Selling.House can help you sort through them to find the perfect place for your needs.
7. Vacant houses.
This is an ideal option; however, you’ll need to check if there are any restrictions on living in the home before making an offer.
This is how you can also store all your belongings.
Why is selling first a better idea?
Selling first gives you a better idea of how much money you’ll have to work with for your next home.
You won’t have to worry about getting stuck with two mortgages by buying first; an option that could be a financial burden you wouldn’t want to have on your shoulders.
When you sell first, you’ll have the advantage of being a cash buyer, which means you’ll be in a much better position to negotiate with the seller of your new home.
Selling before you buy means you’ll likely be able to move more quickly, decreasing the risk of being gazumped. If you find a property you like, you can make a conditional offer stipulating that your request is only reasonable if you can sell your home first.
Conclusion
Buying and selling a home can be very time-consuming and stressful. There are many things to think about and coordinate, and it’s easy to make mistakes.
One of the biggest mistakes you can make is not lining up the timing between selling your old home and buying your new home.
If you don’t plan ahead, you could end up homeless or stuck in a hotel for weeks (or even months!) with your belongings stuffed into storage until you find a new home. You will most likely want to use a real estate agent to help you find a path to your dream home and wrangle the harsh details of buying and selling a home on your timeline.
You must know where to live. Likewise, you must check purchasing power and the time you should have your new home. On average, it takes up to thirty days to close the deal on a new house.
When you finally decide to proceed with the idea of selling your home. The final answer depends on your circumstances. Living rent-free with family or friends could be the best option. Otherwise, you may want to consider renting a short-term apartment or storage unit. Ultimately, you’ll need to weigh the cost and convenience of each option to decide what’s best for you.
Whether you decide to sell before buying or not, Selling.House can assist you every step of the way. We are a group of experienced professionals who understand your needs and provide the best advice possible. Contact our friendly team today if you’re ready to experience the benefits of a hassle-free home sale.
