Simultaneous settlements – the selling and buying of a home at the same time – happen every day. But sometimes, the wheels of property fortune do not roll so sweetly.
If you’re selling before you find the next property of your dreams, you could find yourself “homeless” – at least for a short period.
The obvious solution is to negotiate an extended settlement with your buyer.
Striking that deal is not always possible, and you can confront a gap of weeks if not months between selling your property and finding your next home.
In this scenario, you face the challenge of finding somewhere temporary to live, as well as storing furniture and belongings.
Below, our agents have provided some tips on how to avoid this scenario, or at least plan ahead and reduce the inconvenience.
Seek a longer settlement period
The average settlement is 30-90 days. It can be stretched out to 120-180 days (four to six months), especially in the case of simultaneous settlements. If you negotiate this arrangement as part of your sale, you can add a caveat that the settlement period can shorten if you find a property to purchase sooner than expected.
Staying with friends or family
Even the kindest friends and family members will likely not appreciate you sleeping on their couch and using up garage space for months. But it is a good short-term solution.
Short-term rental accommodation
In the current tight and expensive rental market, suitable accommodation will be hard to find. Platforms such as Stayz and Airbnb are worth investigating. Some landlords prefer periodic or short-term leases.
Serviced accommodation – Booking a serviced apartment for a long period will be expensive, but you should have no issue with availability. As a short-term arrangement, it will guarantee you have somewhere to stay. Of course, you’ll have to find a storage unit for your furniture and belongings.