Selling and buying property is a juggling act. The emotions are high, uncertainty sets in, and it can be overwhelming.
When the real estate market is booming, and you wish to upsize or downsize, the choices can be few and far between.
Many people sell their house before buying so they know how much money they have. Then they wonder where they should live while they look for a place to buy. Then there is the issue of moving furniture and belongings. Putting things in storage can be painful, annoying, expensive and frustrating. It’s not always possible to line up selling and buying a new property in one seamless transaction. So, what are the options for living between properties?
1. Find a short-term lease
Most people will try to get a six-month lease, store their furniture and use the bare necessities, such as their beds and kitchen table, until they move into their purchased property. But short-term leases are difficult to find. Many landlords prefer a 12-month lease because they don’t want to put their property back on the market after six months.
2. Lease your old home back
If the new owners aren’t in a rush to move in, you could negotiate to live and pay rent in the house you just sold. This would be the most convenient option as you don’t have to think about moving, storage, or the connection of services such as electricity or the internet. They can lease it back, but it’s pretty rare. They might occasionally have a situation where they settle, and they will rent it back from the vendor.
3. Rent a furnished property
For a short period of time, you could consider a furnished home and store the furniture. If you can get a furnished place, you’re looking at probably double the normal rental. Companies leasing furnished apartments cater for the corporate and holiday market and charge per day. If the time period is less than a week, some removalists offer to keep furniture in the truck until the day you move in. They charge huge rates, but that might be better than actually unpacking the truck and moving it into a storage unit. Furnished properties can minimise the need to move furniture twice but expect to pay higher rent.
4. Break a 12-month lease
If finding a six-month lease is proving too difficult, the next option is a 12-month lease. This can reduce the stress of finding a property because buyers have a longer timeframe. This is also an option for sellers who wish to move out of their house while it’s on the market. You could get a 12-month lease, put in a notice earlier than the expiry of the lease, then pay for the marketing to put it back on the internet. You pay rent until the owner can find a new tenant.
5. Move in with family
A lot of families move in with their parents if they can all fit. Once again, you would need to store furniture, but otherwise, the rent is practically zero. Also, there is no need to connect and disconnect services such as electricity. The success of this option depends on how well you all get along.
If you need help buying Your Family Home, don’t hesitate to speak with one of our Property Buyer Agents on +613 8374 7652 or book a Zoom call here
https://calendly.com/propertychat/discussion-with-industry-insider
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
+613 8374 7652
+613 402 346 810
industryinsider.com.au
