What Factors Can Influence Where You Live Between Selling and Buying?
Still not sure where to stay between selling and buying a house? Here are a few factors to consider.
Storage
Renting a storage unit long-term can be costly and inconvenient. If you or your family need your possessions on hand for health or happiness, storing them long-term might not be a good idea. If you won’t have access to essentials, staying at an Airbnb or an extended-stay hotel or crashing with friends and family might be your best bet.
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Sale Price
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The sale price of your old home can have a big impact on your transition period and the purchase of your new home. If you make a profit from selling your home, the extra money can help ease your financial burden or go toward a new down payment. You’ll have more flexibility to make choices based on your preferences versus your price point.
Market Conditions
The market you’re moving into might influence whether you buy soon or delay purchasing a new home. If you sold your home when market conditions were good, you might be able to buy right away. But if you’re moving into an expensive market, you might want to pick a cost-saving solution like staying with family for a while so you can continue to save for a down payment.
Neighborhood
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Your new neighborhood might impact your temporary housing choice in a number of ways. Moving to a city usually means an array of options. However, options might be sparse when moving to the suburbs or a rural area. The limitations of your new location can affect your choices, either in price or availability.
Period Of Time
The length of your stay is a crucial decision-making factor. Short stays are likely going to make staying with family, renting an Airbnb or subletting a furnished space a more attractive option. Longer stays make a rent-back agreement or a long-term lease better for stability and cost. If you sign a lease, make sure to ask about a month-to-month lease option for greater flexibility.
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