What to do when your home sells quicker than expected

question-markIf you want to sell your home in order to buy a new one then you might find yourself in a situation where your property sells before you have a chance to secure somewhere new.

Normally in this situation you will need to find some sort of interim accommodation while you wait for the settlement day of your new property, or to give you the time you need to house hunt.

If you find yourself in this situation then you might like to consider one of the below temporary accommodation options…

Rent – If after selling your home you think it will take you awhile to find another property then renting is a good option. Leases are generally 6 or 12 months long, giving you plenty of time to search for your next permanent address.

Ask the buyer if you can remain as a tenant – You might be able to negotiate a short-term lease as a condition of the sale contract, particularly if an investor purchases your property. This option is popular because it means that you only need to move once. 

Ask to stay at friends or relatives – If you know someone that has room for you then it could be worth asking if you can stay with them for a couple of weeks while you’re in between accommodation. Remember to offer some board money or help out around the house to help thank your host for their hospitality.

Stay at a hotel or short-stay apartment – This option can be expensive so is best if you just need a couple of extra days accommodation while you’re waiting for a contract to settle. If you go with this option you may also need to put your belongings into storage for a little while too, so don’t forget to factor that into the cost.

We’re sure that there are a number of other accommodation options out there for those who are between selling and buying a home.

At Arbee Real Estate we’re interested to hear what locals have done in similar situations – so leave your comments.