Can’t find a home before you sell?
Lately, it’s been quite the seller’s market which is great if you’ve just sold your home or are about to! But it might be taking you longer to find your next home and if you find yourself in a situation where you are between homes, here are some tips:
The Leaseback Agreement
This might be the best option if you have a lot of belongings you would like to keep, and the new owners aren’t looking to move in right away. A leaseback agreement is when the owner sells their property to a buyer but remains in possession for a specified period where they pay rent to the buyer. Essentially a temporary landlord, renter situation where you have more time to find a home and pack your belongings.
Friends and Family
This can be a great option as it may not cost anything or be lower than other options. This situation would be ideal for a smaller family and if you are narrowing in on a home! When choosing this option, evaluate the relationship you have with the family member or friend and decide if this would strain your relationship, if not, it could be a great solution.
A Housesitting Gig
This can be a great option; you could pay for a storage unit to keep your things in and pay for the storage unit with the payments you receive for housesitting! Depending on how much time is needed before finding a long-term home, this could be the right fit for you or your family.
Airbnb
Airbnb can be a great option if you have a family, often you can rent out for a month without a lease agreement needed. Some Airbnb’s even offer storage space. Another benefit to Airbnb is that you pay through a secured online payment portal whereas alternatives might not offer you the same securities.
Executive Rentals
Executive rental or “corporate housing” residents listed relocation as the primary reason for use in the U.S. in a recent study. Executive Rentals are temporary homes for individuals or families such as a house, condo, or even loft. Advantages to this form of housing include that they are completely furnished, typically all utilities, cable, internet, housekeeping services, and kitchen utensil are included. This can alleviate the need to move in your belongings or pack twice.
There are plenty of options for finding housing if you end up selling your home before you have found a new one. Depending on your family, the number of belongings, and the period between homes there are pros and cons to each. Being able to plan for which will fit your needs best is an important part of making it a stress-free process so it’s never too early to start preparing your backup plan if you might not find a home in time. Talk with one of our professional REALTORS® today about how to start making your next move. Visit us online at bhhsmichiganrealestate.com to get started.