Where To Live After You've Sold Your Home and Waiting on a New Contract

You’ve sold your home and are under contract for the next. With so many moving parts when it comes to real estate transactions, timing isn’t always perfect. And if the dates don’t quite line up as you transition from your old house to your new one, you’ll need a place to stay in the meantime.

This article was originally published on Capital One’s BrandVoice

Sponsor content courtesy of Capital One

Photo by: JamelToppin

JamelToppin

You’ve sold your home and are under contract for the next. With so many moving parts when it comes to real estate transactions, timing isn’t always perfect. And if the dates don’t quite line up as you transition from your old house to your new one, you’ll need a place to stay in the meantime.

So, where do you live during this waiting period?

What Are Your Choices?

From big to small, long- to short-term, you have many options at your disposal when it comes to temporary housing.

Rent-Back Agreement

How about where you’re already living? Your home’s new owners might not be ready to move in yet. If that’s the case, you could suggest renting your old home from them for a couple of months.

A standard rental lease for an agreed-upon length should give you a little extra time to get everything packed and moved into your new home. This might be the easiest solution, but it’s not always on the table.

Short-Term Rentals

Checking real estate and rental websites might help you find a house with 3-to-6-month leases. Depending on how long you need, you could consider subletting or doing a month-to-month lease as well.

You may even consider off-season vacation homes. The price is generally cheaper than in-season, and you could probably rent one for a full month. These houses or condos are typically furnished, so you won’t have to worry about moving furniture for such a short period of time.

Extended Stay

Extended-stay hotels and long-term suites are often the target of business travelers and could serve your needs, too. Your company may offer corporate housing if you’re relocating for a job and might be willing to help with your temporary housing situation. They may even have a partnership with a nearby hotel offering reduced rates.

Apartments & Condos

Smaller spaces could help you keep your footprint to a minimum as you get ready to move. Renting apartments or condos can be affordable, easy to find and may come furnished for an extra fee, allowing you to keep your own furniture in a storage unit. Staying organized throughout this transitional period could make it easier to move into your new home down the road.

Vacant Houses

There may be vacant homes waiting to be sold or for new owners to move in. You could sign a temporary lease with the current owner to help them earn some money as the house sits empty.

Instead of moving your furniture in, rent furniture. Movers from the rental company typically do all the heavy lifting and might layout the furniture for you. Having some furniture in the house could also benefit the owners if they’re trying to sell the property, making it feel more livable to potential buyers, which could make it sell faster.

What Can Impact Your Decision?

If you do find yourself between homes, here’s some considerations when making a decisions on where to stay:

Time of Year

Timing has a big effect on the real estate market and what’s available. For apartments, the fall can be busy if there are nearby colleges or universities. The spring generally sees an uptick for home sales and rentals.

Each option you consider will increase or decrease in price depending on the time of year, so you may want to keep an eye on those factors when making your decision. Talking to a local real estate professional and reviewing home sales and rentals can give you a good idea of what’s going on in the market.

Duration of Stay

Consider how long you’re planning on living in temporary housing. This will help you determine how much you’re willing to pay and how comfortable you’ll be in each living situation. It will also help you narrow down what’s available for certain time periods.

Price Comparison

In addition to the time of year and market conditions, the price of each of your available options can be considerably different. This can be a good opportunity to save money since you probably won’t have a mortgage payment, so you might want to go with something less expensive and take advantage of this opportunity.

Surrounding Area

Location has a major influence not only on your expenses, but your day-to-day. Is your temporary home close enough to work or your children’s schools? Are there nearby grocery stores or hospitals? You may want to consider finding something close to your new house, so you don’t throw off your normal routine.

What Should You Do Before You Move In?

While you wait for your new home, you can start taking care of a few things:

Storage Options

You might need to think about where you’re going to keep furniture while in temporary housing. You could rent a storage unit close by or even use on-site storage to make moving in easier. Price varies with size, and self-storage units may come with a contract.

Mail Forwarding

Don’t forget about mail delivery. While a lot of bills are delivered electronically now, there are some companies that still use the postal service. Make sure you forward your mail to your temporary home or set up a P.O. box nearby.

Prep Utilities

Use this extra time to get everything move-in ready for your new house. Switch the utilities into your name and schedule an appointment to install cable and internet.

While a temporary home is just that—temporary—you can make it a fluid transition from your old house to your new house by using these tips to find out what works best for your family and situation.

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Buy or Build – Should You Renovate or Sell Your Starter Home?

Outgrown your home? Deciding whether you should expand, refurbish or sell depends on many different factors. Here’s some things to consider.This article was originally published on Capital One’s BrandVoiceSponsor content courtesy of Capital One
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