15 Jun Should You Sell Your Existing Home While Building a New Custom Home?

If you’re planning on building a custom home and important consideration is “should you sell your existing home while building a new custom home?”

The answer is “it depends.” Actually, the answer comes with new questions, “Do you need to sell your home to buy the new construction?” “Are you carrying a mortgage on the current home?” “Can you afford the build without selling your current home?”

For most homeowners, paying two mortgages  at once is a challenge, so closing before a new custom home is finished is a priority.

Recent data from realtor.com suggests that once it’s listed, the median home takes about 65 days to sell. Of course, sales timelines vary by location,  so to get an idea how long it will take to sell your home, you may want to seek out the expertise of a local realtor who knows the market well.

How to Sell Your Existing Home Quickly

Take a moment to read out blog post “25 Tips to Sell Your Home Fast” Here are few of those tips for in a quick summary with some additional resources:

• Hire a knowledgeable, experienced  real estate agent.
• Price your home to sell from the beginning.
• Clean your home and reduce clutter (See more tips here).
• Professionally stage your home (read our post on Staging Ideas to Sell Your Home).
• Upgrade curb appeal (See our post on kicking up your curb appeal).
• Paint rooms in neutral colors
• Make simple upgrades like adding new hardware.

Where to Live After you Sell While Your New Custom Home is Being Finished

If you are successful in selling your home quickly, you will need living arrangements until your new custom home is finished. There are a number of options to consider for temporary living arrangements.

Here are some options and the pros and cons of each:

Extended Stay Hotels

A common temporary housing option is an extended stay hotel. Because it  offers flexibility along with most of the amenities people are used to having in a home, many choose this option. Here are the pros and cons of an Extended Stay Hotel:

Pros

• Easier to find than other short-term living options.
• Completely furnished, often with kitchen appliances, utensils, and cookware.
• Amenities like pools, gyms, and continental breakfast.

Cons

• You won’t have a permanent mailing address.
• You will need to store the majority of your belongings.
• Cramped living arrangement for large families or those with pets.

Short-Term or Month-to-Month Rentals

If your temporary housing needs are going to extend for at least a few months, a short-term apartment lease can be a great option. Short term apartments feel a bit more like home than an extended stay hotel, and so for some is a better choice. Here are the pros and cons of a short term or month-to-month rental:

Pros

• You can bring your own furniture and decorations.
• Will include a complete kitchen, unlike other temporary housing options.
• Typically short (three and six-month) leases are available.

Cons

• Less flexibility in terms of time frame than other temporary housing options.
• Typically offered for apartments. Much harder to find a house for rent.
• Opting for an unfurnished apartment will require packing and unpacking multiple times.

Airbnb

Most people think of Airbnb as a hotel alternative but, Airbnb can be a great option for those who need long-term living arrangements. Airbnb sublets offer flexibility combined with the fun of a typical Airbnb rental. Here are the pros and cons of an Airbnb sublet:

Pros

• Excellent flexibility, with no long-term commitments.
• Much easier to find than traditional sublets.
• Both single rooms and entire homes are available for rent.

Cons

• Can cost more than other options, especially when renting an entire home.
• If you rent a single room, you’ll have roommates and less privacy.

Staying with Family or Friends

If staying with family members is an option, it might be the best solution as far as convenience—not to mention the cost. Living with family or friends can be an excellent choice while between homes, but this budget-friendly choice does have some downside to it. Here are the pros and cons of staying with family or friends:

Pros

• Easily the cheapest option, as it’s often completely free.
• You know your roommates.
• You can always leave and choose another option if it becomes a burden.

Cons

• You might feel like you’re inconveniencing your family or friends.
• There’s less privacy than other temporary housing options.
• Risk of damaging relationships if things don’t go well.

If you’re living in a temporary space while your new home is being built, you may need somewhere to store some of your belongings. Renting a storage unit is a great option for this living arrangement transition!

Let us help you build you with the process of building your new dream home.

Are you ready to begin the process of selling your existing home and building your new custom home? Let us help you build you with the process of building your new dream home.