Where To Live Between Selling And Buying Your Home

There's a lot to remember when you're buying and selling a home at the same time, so it's easy to let things fall through the cracks.

Did you sign the documents your real estate agent sent over? Have you talked to the sellers about which appliances they’re planning to leave? Have you signed all the utilities over to your name? Do you actually have somewhere to stay while you're in between houses?

People tend to forget about that last question, leaving them scrambling to find last-minute accommodations.

But with a little forethought, you can be completely comfortable while you wait to take possession of your new home – and it doesn’t have to cost very much if you play your cards right. Depending on your situation, here are some of our living suggestions when selling and buying a house at the same time.

Renting Options Between Selling And Buying

In the ideal home buying and selling process, you would move into your new home before turning over your keys of your old home. However, this isn’t the case for everyone. If you need a place for more than a month or two, your best option is to look for temporary housing.

Don’t forget to ask your real estate agent for advice, as they’ve probably dealt with this problem before. Your agent may even know of current listings for temporary housing available.

Here are some of the best options to consider when you’re in between houses.

Rent-Back Agreement

There is an option to sell your current home and stay in it with a rent-back agreement. Before the official closing date on the house, ask the buyers if they’d be willing to rent your old house back to you for a certain length of time. They may be willing to do this if they’re still under a lease or haven’t sold their own house yet.

You should both be willing to sign a lease that states how long you can stay, what the rent will be and who will pay for utilities. Decide if you’ll still be responsible for maintenance or if the new owners will have to mow the lawn and handle routine repairs.

Short-Term Rentals

Ask your real estate agent or look online yourself for furnished rentals or subleases. When you see a place you like, contact the landlord and ask if they would be willing to offer a short-term lease or sublet. You may have to pay a bigger security deposit or higher monthly rent.

This strategy works best if you’re not in a competitive rental market. If landlords in your area are struggling to fill their apartments, you’ll probably have a better chance of being accepted – even for a short period of time.

Vacation Homes

The easiest solution when you’re in between houses is to find a short-term rental on a site like Airbnb or VRBO. Many of these owners are happy to rent for extended periods of time and may be willing to offer a slight discount during off season.

This is a practical option if your furniture is already in storage and you need a furnished space. Plus, these homes are often in residential areas – much better if you have kids or a dog that needs a daily walk.

Extended-Stay Hotels

Extended-stay hotels are an ideal scenario if you’re single or don’t have kids. The space will usually be much smaller than an apartment or house, but hotels offer more flexibility than apartments.

Most extended stay hotels have kitchens and a small living area, but make sure the one you choose also has free Wi-Fi and solid reviews. The last thing you want is to spend these days or weeks in a room with paper-thin walls and a train track right outside your window.

Corporate-Style Housing

Homeowners looking for more space or luxurious amenities should look into corporate-style housing. These spaces are usually furnished apartments where people stay while they’re on long-term business trips.

These can be more expensive than short-term rentals, but may offer a greater range in how long you can stay. If money isn’t as much of a concern, then this is a great option.

Apartments Or Condos

With most of these options, you’ll need to find a place to store your belongings. However, if you don’t want to store your belongings or haven’t found the perfect home to buy, you could consider signing an apartment or condo lease. With an apartment or condo, you can use your furniture instead of paying for storage.

Connect With Friends And Family

Social media has a way of connecting people with problems to people with solutions. Create a Facebook post sharing what you’re looking for and ask others to share it with their followers.

You may discover a friend with a vacation house they rent out or a former coworker with a vacant rental property. The people you know may be more flexible, and more willing to work with your schedule and budget.

You should still offer to pay the market rate to whomever you’re renting from. Your friend shouldn’t lose money just by doing you a favor, and you don’t want to lose a friend just because you asked too much.

What To Do With Your Things Before The Move

If you’re planning on staying at a hotel or Airbnb, you’ll have to find a place to put all your stuff.

Rent A Weekly Storage Unit

A weekly storage unit is one of your best options. These are easy to sign up for, and you can do a month-to-month contract. Make sure to read reviews beforehand so you don’t end up with one that has a history of flooding.

It’s also good to compare costs and try to price match when you can. You should also find a storage unit close to where you’re staying. That way, in case you forget an important box, it won’t be a huge hassle to run and get it.

Make sure to factor in all the costs of renting a weekly storage unit. Some may charge more if you rent it on a weekly basis, but you can try to negotiate beforehand.

Ask A Friend Or Family Member

If you’re trying to cut costs, ask around if people you know have room in a spare bedroom, basement or attic. You never know who has an extra room that can fit your bedroom set. If someone lets you use their space, try to pay them back with a gift card to their favorite restaurant.

Rent Someone Else’s Space

Look at sites like Neighbor.com to see if renting a basement or garage from a stranger might be a better fit than a storage unit. Prices may be lower than the cost of a storage unit, and you may get lucky and find a house near you.

The Bottom Line

Once you complete the exciting task of selling your house, your next step is preparing for your move. Depending on the timing and your budget, you’ll want to consider what housing space is right for you and where you will store your belongings.

Ready to list your home? Get connected with one of our expert agents who can guide you through the journey of selling your old home and finding your new dream home.