The buying and selling home process can sometimes feel like a ticking time bomb when deadlines start to hit. You have inspection dates and closing dates and soft deadlines and hard deadlines. What about all of the packing and cleaning and changing your address and planning your move? Those items are of equal importance. The downtime between the closing date of your current home and the day that you’re finally allowed to move into your new home has to work out magically or you will find yourself a homeless homeowner.
But if you have to move out before you can move in, where will you live in between? How do you avoid homelessness between the time that your house sells and finding a second to purchase?
Whether you need a year, a week, a month or three months finding a temporary residence is possible, it just takes some extra flexibility and creativity — but it can be done.
One of the presumably easier options is a leaseback option. A leaseback is when one side allows the other to move-in early or stay in the home for a month or two before the buyers move-in. In this situation whoever is renting is basically the tenant, and the other is the landlord. This means all special protections apply. These contracts are normally done month by month with the landlord able to end it at any time, with at least a week notice. An experienced real estate agent can walk you through this option.
If that isn’t a possibility, the following options may match your needs.
You could find a place to rent by visiting the online community marketplace, Airbnb. People who wish to rent their homes, or a space in their home, are connected with folks who are searching for accommodations. Airbnb has locations in 190 countries around the world, and 34,000 cities.
Off-Season Vacation Home
If your closing date is after Labor Day, you may score a postseason summer home rental for a steal.
Vacant House for Sale
There are always sellers in the opposite position from yours — they moved out before selling, leaving an empty house on the market. Many sellers will be more than happy to rent out a vacant property. The income helps them pay that extra mortgage, and your furnishings can help it show better, improving their chances of selling.
Extended-stay Hotel Suites
These hotel suites are specially designed for longer stays. They’re often roomier than a standard hotel room; many include work space with high-speed Internet and a kitchen area.
To make the most of your time and your budget, get a full list of services that are included with your package. There may be complimentary breakfasts, use of laundry and fitness facilities and even grocery delivery.
Hotels, which are not extended stay, are good for anyone who needs housing for just a few days, perhaps a week.
Corporate housing providers rent out temporary dwellings to individuals or families. Renters may choose to live in an apartment or to rent a house, condo, or even a loft for a short time. According to a Corporate Housing Providers Association report, relocation was the primary reason for using corporate housing in the U.S.