In a perfect world a homeowner could time the selling of his home so perfectly that he could buy a second on the same day, thus eliminating the need for temporary housing. But we do not live in a perfect world and there are occasions when temporary housing options have to be considered.
How do you avoid homelessness between the time that your house sells and finding a second to purchase?
Negotiate a longer closing period or a rent back from the new owners for 30-60 days, an experienced real estate agent can walk you through this option and UpNest can connect you with the right agent to do so.
If that isn’t a possibility, the following options may match their needs.
“Corporate Housing” is a term that is primarily used in the travel industry but it also doubles as a real estate term. Corporate housing providers rent out temporary dwellings to individuals or families. Renters may choose to live in an apartment or to rent a house, condo, or even a loft for a short time.
Another name for corporate housing is “Executive Rentals,” which originally defined temporary housing that was available to traveling business executives. However, since rental property management owners have taken an interest in the temporary rental market, corporate housing/executive rentals are now available to anyone wishing to relocate and is in search of temporary housing. According to a Corporate Housing Providers Association report, relocation was the primary reason for using corporate housing in the U.S.
There are distinct advantages to corporate housing. First, most corporate housing homes are completely furnished, which cuts down on the number of times the renter will have to move his or her furnishings. If you are staging your home your furniture can stay put and you can keep a roof over your head while waiting for your home to sell. Second, great amenities are often included in the rent, such as utilities, basic cable, high speed Internet, housekeeping service, kitchen utensils (including pots and pans) and even towels and bedding. In short, moving into temporary corporate housing leaves the renter with very little to pack and move.
Extended Stay Hotels
If you are considering a short-term stay in an extended stay hotel, chances are you will have an easy time finding one nearby. A biz-stay.com survey indicates that there are 26 extended stay hotel chains in the United States. The average studio rate ranges from a little less than $40.00 a night at budget hotels to $150.00 per night in upscale chains. Discounted weekly rates are dependent upon how long you stay, the size of your room, and location. Rates are higher in California and the Northeastern part of the United States.
As with corporate housing, housekeeping and linens are included as part of an extended stay hotel’s limited amenities, but amenities vary from hotel to hotel. Most extended hotel chains have on-site laundry facilities and suites that include a small kitchen. At the very least, the kitchen will have a refrigerator, sink and sometimes a microwave and stove.
Hotels, which are not extended stay, are good for anyone who needs housing for just a few days, perhaps a week. Payment is per night and you can stay as long as you want but the price isn’t discounted. The price per week may be prohibitive, since there is no weekly rate discount and amenities vary.
You could find a place to rent by visiting the online community marketplace, Airbnb. People who wish to rent their homes, or a space in their home, are connected with folks who are searching for accommodations. You might even consider taking a trip abroad while waiting for your house to sell. Airbnb has locations in 190 countries around the world, and 34,000 cities.
Airbnb guests pay by a secure online payment system. Payment is due when a space is booked. Your host will set the rates and you may find that prices change depending on the dates you choose. Additional fees are applied to the base fee and include a cleaning fee, extra guest fee, an Airbnb guest fee, and a currency exchange fee.
We may not live in a perfect world, but homeowners that make use of creative temporary housing can ease the stress that accompanies moving. Of course ensuring a seamless move is the best way to avoid temporary housing. An experienced realtor can help the seller find housing before the move-out date. Try utilizing a platform like UpNest. Before you hire a realtor, you will have the opportunity to review potential realtors for free. It’s important to find someone who knows how to help clients make a smooth transition.