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Where To Live Between Selling and Buying a House

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It can be challenging finding a temporary place to stay when you’re in the transition of selling a home and buying a new one. Whether you’re caught between closing dates or need more time to find the right home, renting short-term apartments, staying with family and friends, or booking a hotel may be some of the options available to you.  

In this article, we’ll guide you through some of the pros and cons of where you choose to stay during your transition period, including cost, convenience, and flexibility. 

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What Happens After Your Home Sale?

After your home sale, you will likely have a lot of paperwork to complete. 

The buyer’s agent will typically prepare the contract and other paperwork, but you will still need to sign and date everything. Once the paperwork is complete, the buyer’s agent will submit it to the title company. 

The title company will then conduct a title search to ensure that the property is free and clear of any liens or encumbrances. 

If everything checks out, the title company will issue a title insurance policy to the buyer. The buyer’s agent will then coordinate with the lender to schedule a closing date. 

On closing day, all parties involved in the sale will meet at the title company to sign the final paperwork and exchange keys. Afterward, you will receive your proceeds from the sale, and the transaction will be officially complete!

Once the paperwork is complete, you’ll need to start packing!

Where You Can Stay Between Selling and Buying

If you’re selling your old place and haven’t yet bought a new one, you may be wondering where you can stay while you’re in-between homes. 

Fortunately, several options are available, and the best choice for you will depend on your budget and how long you need to stay. 

Your Own Home: Rent-Back Agreement

One option is to sign a rent-back agreement with your buyers, allowing you to stay in your home for a specific period after the sale. This can be a great solution if you need a little extra time to find your new home or if you’re not ready to move immediately. 

Of course, there are some things to keep in mind before signing a rent-back agreement. 

For one, you’ll need to be sure that your new home is available and ready to move into soon. Otherwise, you could end up without a place to live. Rent-back agreements are typically only valid for up to 60 days.

You’ll also want to ensure you fully understand the terms of the agreement. Keep in mind that it’s up to the buyer to determine the value of the agreement, so you’ll need to budget for this additional expense.

Apartment or Condo

Renting an apartment or condo can be flexible, as you can usually rent month-to-month. It’s also an excellent way to get a feel for a new neighborhood before making a long-term commitment to a new home.

Another plus is that apartments and condos often come with amenities like pools and fitness centers that can make your stay more comfortable. 

Of course, there are also some drawbacks to consider. Apartment and condo living can be noisy, and you may have less space than you’re accustomed to. Finding a suitable rental unit may also be challenging if you have children or pets.

Family and Friends

Not sure where to live while selling a house? Family and friends can be great resources. If you’re lucky enough to have loved ones nearby, see if they’re open to the idea of you staying with them for a bit. 

Not only will this save you money on rent or a hotel, but it will also give you a chance to spend some quality time with your favorite people. Just be sure to show your gratitude and leave them with a thank you note or gift.

It’s best to set ground rules for how long you’ll stay and what the house rules are. While it might seem unnecessary, you don’t want to create an uncomfortable situation with a loved one that can lead to issues down the road.

Short-Term Rentals or Hotels

Short-term rentals and hotels are both popular choices for people who are in between selling and buying a home. 

Short-term rentals offer the benefit of being more affordable than hotels, and they also tend to be more spacious. However, short-term rentals can be difficult to find on short notice, and they may not be available in all areas. 

On the other hand, hotels are typically easy to book and can be found almost anywhere. They also offer amenities like maid and room service that can be convenient for busy people. 

However, hotels can be expensive and may not offer the same level of privacy as short-term rentals.

Either way, if you’re unsure what to do between buying and selling a house and opting to go this route, ask for a short-term discount. Often, short-term rentals and hotels offer discounts for stays over a week long.

What Can Impact Your Decision?

As anyone who has gone through the process of selling and buying a home knows, it can be a bit of a juggling act to find somewhere to stay between the two. 

Several factors can impact your decision on where to stay, including cost, convenience, and whether you need short-term or long-term accommodation. Let’s break down a few of those factors for you.

Timing & Market Conditions

Timing and market conditions are two important factors that impact the decision of where to stay between buying and selling a home. 

If you’re selling in a buyers’ market, it may be best to rent temporarily so you can wait for the right buyer to come along. 

On the other hand, if you’re selling in a sellers’ market, it may be best to buy first, so you don’t have to worry about finding a place to live while your home is on the market. 

Timing is also essential to consider. 

If you can sell quickly, you may not need to find a temporary place. However, if your sale falls through or takes longer than expected, you may need to consider alternative housing options.

Duration of Stay in Temporary Housing

If you’re ready to sell a home but want to take time buying a home, then you’ll likely need to plan for a more extended stay somewhere in between. This greatly impacts your decision. After all, renting a hotel or apartment, even short-term, can add up quickly in costs.

Ultimately, it pays to consider the costs associated and how that total cost compares to what you might pay if you try to close on your new home quicker. 

The longer the duration of stay, the more expensive it will be. However, other factors to consider include how difficult it is to find a comfortable place to stay with all the amenities you are used to.

Factor in moving costs as well. Are the moving costs justified for the duration of your stay? Are there alternatives that wouldn’t require you to spend as much money?

When considering these factors, it is important to decide what is most important to you and what will make your transition from one home to another as smooth as possible.

Location of Your Rental

If you’re in the process of buying or selling a home, one factor that may come into play is the location of your rental. If you’re looking for a place to rent while your home is on the market, you’ll want to consider how close it is to your current residence. 

If it’s too far away, it may be difficult to keep an eye on your property and show it to potential buyers. While a lot of the home selling process is done virtually these days, there are still tasks you’ll need to complete in person.

Likewise, the further away your in-between home is from your current place of residence and future home, the more moving costs you’ll incur.

What to Do Before Moving In

Before you move into your new place, there are a few things you should do to prepare. Here are the top three things we suggest taking care of sooner rather than later.

Store Your Furniture

One of the most important is to store your furniture. This is especially the case if you’re planning on moving to an apartment or short-term rental already furnished (this is likely the case as most short-term rentals come furnished).

You can store your furniture in various ways, including in a storage unit, at a friend’s house, or in your garage. 

If you choose to store your furniture in your garage, you’ll need to make sure the buyers are okay with this. If they say they’re okay with the arrangement, it’s best to get it in writing to avoid any issues during their move-in and your move-out.

If you choose to store your furniture in a storage unit, wrap each piece of furniture in plastic to prevent moisture damage. 

Once you have stored your furniture, you can focus on packing the rest of your belongings and getting ready for the move.

Set Up Mail Forwarding

Another thing you’ll want to do before you move is to set up mail forwarding with the post office. This way, you can be sure that you’ll continue to receive all your important mail even after you’ve moved. 

To set up mail forwarding, go to your local post office and fill out a change of address form. You’ll need to provide your old address and your new address, as well as some other basic information. 

Once the form is complete, your mail will be forwarded to your new address. Mail forwarding typically takes a few days to take effect, so be sure to do this well in advance of your move.

Switch Utilities

Switching utilities is one of the most important things before moving into a new home. This includes electricity, gas, water, sewer, and trash. You will need to contact the utility companies at least a week in advance to schedule a time to turn on your utilities. 

Remember that you will also need to set up an account with each utility company if they don’t allow you to transfer your current account. If that’s the case, ask for a new customer discount or their current offers.

Once you’ve made all the necessary arrangements, make sure you write down the contact information for each utility company in case you need to reach them after you move in.

Consider a Quick Sale On Your Terms

Not sure what to do between buying and selling a house? Instead of waiting for your home to sell and having to factor that into your moving process, you could benefit from a quick sale on your terms.

Sure, listing your house with a real estate agent and waiting for potential buyers to come along might seem like the traditional route. But what if you want to cut out the middleman and sell your house on your terms as quickly as possible? 

That’s where getting a cash offer comes in. Not only does it eliminate the need for someone else to handle the sale, but you also won’t have to worry about paying those pesky fees and commissions that come with using an agent. 

So why not consider getting a cash offer for your house when time is of the essence? It might be the best solution for a quick sale on your terms.

Get a Cash Offer For Your Home

We know that the question of where to live between selling and buying can be daunting in a process that’s already stressful. That’s why we’re here to make the process as smooth and straightforward as possible for you.

If you’d rather avoid the headaches of the traditional home selling process, use our home value estimator to get the value of your home. Then, request a cash offer if you’re ready to sell.

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