Short-Term Housing Options – Successful Home Selling and Buying
If you are one of the millions of homeowners across the country with equity in their homes, congratulations! If you take a look around and realize your home no longer suits your needs, you may be thinking that a move is in your future. However, many areas around the country are currently experiencing a shortage of homes for sale, resulting in multiple buyers competing for the same property. Gridlock ensues with sellers reticent to put their homes on the market, concerned that they may not be able to buy their next property before they need to move out of their current one.
However, this problem can be solved with a little creative thinking and can actually spell opportunity for you in the end! In a multiple offer situation, sellers prefer offers without a contingency requiring that the sale of your current home be completed before the new home sale is complete. Therefore, if you can complete your home sale before you make an offer on your next property, you will be in a very strong offer position.
So where will you live between the time you sell and close on your new home? There are a number of options to consider:
- Rent back your current home: Although this is something that you will need to negotiate into the purchase and sale agreement when you sell your home, renting back for a few weeks may be an option.
- Stay with family or friends: Putting your belongings into storage and staying with family and friends can be a great short-term option. If you are considering this option, I recommend having a planning meeting with your short-term “landlord” to determine fair rent including utilities, and discuss how day-to-day living will commence. What is the bathroom schedule? How will food be supplied and tracked? Who does the dishes? Setting up expectations is the key to remaining friends after you move out. Agreements prevent disagreements.
- Consider a vacation rental: Since many traditional apartment and homes rentals require a year or more lease, consider a vacation rental instead. Homes, condos, townhouses and even boats are available to rent for different durations. Why not take the opportunity to test living somewhere in town that you have always wanted to try? Furthermore, if you have a pet, you may be more likely to find that vacation rentals are more pet-friendly than their long-term counterparts. Check websites such as VRBO.com, AirBNB.com, and HomeAway.com for short-term rentals in your area.
- Corporate housing: If you work for a company that provides housing to mobile or relocating employees, they may have housing available for you. Check with your company’s relocation department. Alternatively, companies who provide this kind of housing to businesses may have a solution for you.
Yes, you will need to store your belongings temporarily, but in the end you can take your time and eliminate the stress that timing brings. In my experience, it is well worth it! Contact me to learn more: email@example.com or (253) 222-2626.