Hi l plan to move house, sell my home and look for another one to buy in a nearby location.
l don't want to rent in the period between selling and buying a new house and having to go through all the trouble of renting a house. Any ideas on how to avoid having to rent, for example a long settlement period after the house sale. Do most people who move home rent in the period between sale and buying another home?
I've only ever rented in between when I moved countries.
If you want to sell first, which is the less stressful way, get a long settlement period.
If you find the perfect place before you sell, also try for a long settlement.
Settlement periods are often open to negotiation as many people aren't moving, they are selling an investment property or deceased estate or similar.
Selling/Moving House Dont Want to Rent
Camping ?
I'd buy prior with a purchase clause stating its dependent on the settlement of your own house.
I can’t imagine many vendors would agree to this condition, but can’t hurt to try!
It used to be fairly common, and then the housing market went skitz.
The good old days.
The chances of a vendor accepting this condition today is as likely has buying a house in Melbourne/Sydney for 4x the median income.
They still have it in the UK, it is call "chain"
The funniest part is when it all collapses and someone is caught out in the process.
Yeah, say you offered $1m subject to your clause and someone else offered $950k subject to nothing.
They'd tell you to… oh they wouldn't say anything. The next week you'll find the house sold, and not to you.
See if you can organise to rent your current house from the new owner for a period of time after the settlement.
(I've not done that in the past but I have done the opposite - rented the house I bought before settling on it - gave me a couple of weeks to move gracefully)
I've been on the other side of this. Seller wanted to rent whilst they looked for a new place, I offered to rent it out on a month by month basis at the rate their REA claimed was fair market value, and they refused, citing the terms were unreasonable <shrug>.
Buy first - then sell (bridging finance)
Find an unoccupied property and squat there for 12 years or so…
Is this a five part series?
After the property settlement I wasn't sure where I wanted to live.
A friend let me stay in their granny flat for a while, then I rented a furnished apartment on a 6 month lease, then at my Sister's/BIL's place (empty nesters in a 5 bed house).
My partner put all her furniture in storage and did house sitting and then an Air BnB.
Bridging loan
Airbnb
Do most people who move home rent in the period between sale and buying another home?
Yes/No/Maybe….
You can get bridging finance so you can buy first, sell yours later.
Its pretty hard to do what you want to do, sell and buy without bridging unless you don't really 'care' about what you buy or have lots of money around ;)
But most people just sell, then rent for 6-12 months
I know some people who sold and then rented for about 18 months, with the intention of using the time renting to find something they were really happy with to buy. What actually happened was during the time they were renting, prices went up considerably. They ended up buying a place that was a pretty big downgrade from the place they sold.
How does someone spend 18 months house hunting if they've got a giant wad of cash already from a house sale- were they crazy picky?
They were downsizing but I think weren't actually that enthusiastic about going from a house to a townhouse. So, they looked at heaps of places but never made any offers. (I guess you could describe this as crazy picky.) Meanwhile, prices were rising quickly.
In the end they settled for something a similar standard to what they'd looked at at the start, but in a significantly worse location.
Thanks for your comments, l have pets so a long holiday or holiday accomodation is not an option and l dont think theres any friends or family that would be happy with us staying a for months , also bridging finance is not an option , l think theres no option but to rent
You could buy your new property with an earlier settlement date than the settlement date for the property you are selling.