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Where to Live Between Selling and Buying

Where to Live between Selling and Buying

The thought of buying a new home while you are in the process of selling your currently one is probably at least mildly jarring. Many people have to wait to until they sell their homes until they have the money for a down payment on a new one. As a result, you can seriously wonder where you're going to live while you're searching for a new house or while you're waiting for it to be ready.

Rent from the New Owners

You may find yourself in a situation where you can continue to live in your current home even after the new owners take ownership of it. In these cases, you would generally discover that you have to essentially pay rent to the new owners. The rates are usually determined by the day. Unless you have a great deal of extra money to spend on rent for a house that you once owned, this plan generally works well only if you need it for a very short period of time.

Find a Short-term Rental

Opting for a short-term rental can work well while you are hunting for a house. When you think of apartments and rental homes, you probably imagine agreements that you need to sign for a year at a time. However, that simply is not the case. You might get lucky and find that a number of short-term rentals are available in your area. For example, if you are in need of such a rental during the summer months and live in a popular vacation area, you may have no trouble at all procuring a place to live.

Book an Extended-stay Hotel

While short-term rentals can work well, they are not always available. Also, they may prove to be more money than you would like to spend. Temporarily moving into an extended-stay hotel is an idea that can work well for you. These hotels often offer rooms that are more like apartments. You may find that many of the other people staying in the hotel are in the same position as you are. Therefore, you can bond over your shared experiences.

Book a Hotel

Depending upon how long you need to find a place to live for, you might just book a regular hotel. For example, this option can work well if your new house will be ready for you in just a day or two. Do keep in mind that closing doesn't always happen on the day that it is planned for, so you may want to have a back-up option. Even if you're just waiting for work to be done on the house, that process can take more time too.

Live with Relatives

While moving back in with your parents might be a step that you said that you'd never take, think about the money that you can save without the expenses of home ownership for a few months. As you are looking for a new place to live, you can put all of that extra money into the bank, thereby allowing yourself to save up an even larger down payment. You can also ask to see if any friends are willing to allow you to live with them while you're on the search. In the event that you aren't charged rent, do your part to help out around the house by cleaning, buying groceries and so forth.

The thought of where you'll live between selling and buying might scare you enough that you avoid the process in the first place. However, you don't need to allow this fear to stop you from doing what you want as plenty of possibilities exist.

Caitlin Weaver
Sales Representative
(416) 890-3017

Chestnut Park Real Estate Limited, Brokerage
1300 Yonge Street, Suite 100
Toronto, ON M4T 1X3

(416) 925-9191