Sold! Now What? Managing Life Between Selling Your Old Home and Finding a New Place
With intentions of selling your current home and moving on to the next place, you listed your property, and it sold soon than you expected. Now that you have a limited amount of time to get out of your current house, the pressure can start to mount.
Most buyers allow the seller about a week to 10 days to vacate the property so they can take possession. You need to be on your way, you need to pack your belongings, and, most importantly, you need to find a place to go. The time between a sold home and tracking down your next property can be a little unsettling, but a few pointers may help you along the way.
Look Into a Post-Possession or Lease-Back Arrangement with the Buyer
In some cases, buyers and sellers can negotiate a way for the seller to stay in the sold home for a bit longer. These arrangements are referred to as post-possession agreements or lease-backs. A post-possession agreement simply outlines an agreed-upon timeframe for the seller to stay in the home, and you may agree to pay a predetermined price for your stay. For example, the buyer may ask that you pay the interest on the new mortgage for the number of days you stay.
On the other hand, a lease-back is just as it sounds; you are essentially leasing the property from the buyer for a certain length of time and paying the requested monthly lease payment. For instance, a buyer may allow you to rent the property for two months at $2,000 per month. Either of these arrangements can afford you more time. However, the agreements should be formally laid out in a written contract to prevent any misunderstanding and future conflict.
Check Out Your Short-Term Housing Options
If you need to secure a new place to stay temporarily, you may need to look at short-term housing options. A few examples include:
- Extended-stay hotels that offer accommodations for longer than the typical week-long stay of the average traveler
- Vacation rentals that may be available for off-season pricing (Some off-season properties can be just 25 to 30% off standard rental costs during off-seasons)
- Local apartment complexes or small rental homes that offer month-to-month lease agreements
Handle Your Belongings
If you do end up finding a temporary housing solution, you may not want to carry all your belongings with you, unpack them, and then have to do it all again when you find your following permanent address. Many sellers place the bulk of their belongings in temporary storage during these situations, which can work out well. You may also consider storing unnecessary belongings with a relative for the time being or potentially renting a storage pod to keep with you. Storage pods are transportable storage units that can be delivered to your property, loaded, and even transported in some cases.
Enlist the Help of Professional Movers
When you face a short time frame and a lot to do, having professional movers to help you out can ease the scenario’s burden. Professional movers can help you transport your belongings to a temporary place, such as a storage unit or short-term rental, and then help you get your belongings to your new house. Contact us if you have sold your home and need a quick price quote to get started.
