How To Find Housing After Selling Your Home In Baltimore, MD 

In December of last year, the home prices rose to around 10% compared to 2023. This doesn’t mean that  finding a place to stay or even buying a house in Baltimore is hard. That said, if you’re planning to sell your house fast to avoid foreclosure (or some other reason), then knowing how to find housing after selling your home becomes important, right? 

Astute Realty knows a thing or two about helping people find a suitable place to stay as they wait to get a long-term apartment or housing and that’s what this guide is about. We’ll even share some tips on timing your transition perfectly. Part of the problem of having to sell your home quickly and unexpectedly is finding the next place to live, after all. 

By the way, if you’re having trouble getting information on the legal process of a quick home sale – please read our next guide. We’ve made real estate transactions easier to understand.

Temporary Housing Solutions

You might be waiting for a property to open up in a certain neighborhood or maybe you’re still looking for a house that ticks all your check boxes. Whatever the case you’re still going to need a place to stay after your home sale. Here are some temporary housing solutions.

Month-to-Month Rental Agreements (Short Term Rentals)

Month-to-month rental agreements offer maximum flexibility, especially when you’re not quite sure of your long-term housing plans. They let you stay put while you search for the perfect place without being locked into a long lease. This can be a real lifesaver when you’re in transition.

Affordable Hotels Or Furnished Apartments

Now, you might be thinking about extended-stay hotels versus furnished apartments. Both offer temporary housing, but there are some key differences. Extended-stay hotels often come with daily housekeeping and limited kitchen facilities, which can be convenient but sometimes pricey. 

Furnished apartments, on the other hand, usually offer more space and full kitchens, giving you a greater sense of normalcy. The cost can vary, so it’s worth comparing prices in your area to see what fits your budget and needs best.

Corporate Housing

Another option worth exploring is corporate housing. These are typically furnished apartments or homes available for short-term leases. They often come with all the amenities you’d expect in a regular rental, and sometimes even more. Corporate housing can be a great solution for transitioning homeowners because it offers a comfortable and convenient living space while you figure out your next move.

Tips For Negotiating Short Term-Leases

Finally, let’s talk about negotiating favorable terms for short-term leases. Here are a few tips and guidelines to keep in mind:

1. Be upfront about your situation: Let the landlord know you need a short-term lease.
2. Offer a higher rent: Landlords might be more willing to consider a short-term lease if you’re willing to pay a premium.
3. Negotiate on utilities: See if you can get the landlord to cover some or all of the utilities.
4. Check for lease break clauses: Just in case your situation changes, having a lease break clause can be beneficial.
5. Get everything in writing: Make sure all the terms of the lease are clearly documented.

Living with Family Or Friends

Setting Boundaries And Expectation

Moving in with family or friends can be a lifesaver during a transition, but it’s important to go about it the right way. Clear communication is key. Before you move in, have an open and honest conversation about boundaries and expectations. 

Discuss things like house rules, shared spaces, and guest visits. It’s also a good idea to talk about how long you anticipate staying, even if it’s just an estimate.

Contributing To Household Expenses

Contributing to household expenses is another important consideration. Talk to your loved ones about how you can contribute fairly, whether it’s through rent, groceries, or utilities. This can help prevent any misunderstandings or resentment down the road.

Have A Plan To Leave

Remember, even though you’re staying with loved ones, it’s important to have a plan. Create a timeline for your stay and an exit strategy for when you’re ready to move out.  Have a definitive move out date.

This will help maintain your relationships and ensure a smooth transition for everyone involved.

Setting Up A Comfortable Temporary Living Space

Finally, think about how you can set up a comfortable temporary living space within someone else’s home. If possible, try to carve out a dedicated area for yourself where you can relax and have some privacy. This could be a guest room, a corner of the living room, or even a finished basement. Having a space of your own can make a big difference in feeling comfortable and at home during your stay.

Bridge Loan And Rent-Back Options

Sometimes, you might not find the perfect new home before you’ve sold your current one. 

Bridge Loans

That’s where bridge loans can come in handy. They provide short-term financing to bridge the gap between buying a new home and selling your old one. Essentially, you’re using your existing home’s equity to make a down payment on the new place. It can be a great option if you don’t want to miss out on a great opportunity, but it’s important to understand the costs involved.

Seller Rent-Back Agreements

Another option to consider is a seller rent-back agreement. This allows you to sell your home and then rent it back from the new buyer for a set period. It gives you more time to find your next place without having to move twice. This can be a win-win situation for both you and the buyer, as it gives them guaranteed rental income while they prepare to move in.

Negotiate Rent-Back Agreements Clearly

When negotiating a rent-back agreement, be sure to discuss the terms clearly with the buyer. How long will you be able to stay? What will the rent be? Who’s responsible for maintenance and repairs during that time? Having a clear agreement in writing can help avoid any misunderstandings later on.

Costs And Risks Of Bridge Financing And Rent-Backs

Of course, bridge loans and rent-back agreements come with their own sets of costs and risks. Bridge loans typically have higher interest rates than traditional mortgages, and you’ll need to be able to afford two housing payments for a period of time. With rent-back agreements, you’ll need to factor in the cost of rent and make sure you have a solid plan for finding your next place within the agreed-upon timeframe. It’s always a good idea to weigh the pros and cons carefully before making a decision.

How To Find Housing After Selling Your Home In Baltimore

Finding your next long-term house can be an exciting process. It will most likely also be exhausting and it’s going take some time before you find the right one. 

First, consider your needs and budget. Next, explore the available options in Baltimore – there are a lot actually (apartments, townhouses, small single-family homes, etc.). 

If you have some extra cash, you can hire real estate professionals to help you with finding a house. Next, you’ll have to get pre-approved for a mortgage (this is very important). 

Once you’ve secured financing then it’s all about closing. We got some ideas on what neighborhoods, houses, etc. that are good to buy. Give us a message, and we’ll get back to you. 

Alternative Housing Arrangements

Okay, so maybe traditional housing options aren’t your cup of tea. No worries, there are some unconventional but worthwhile alternatives.  

House Sitting

Have you ever considered house-sitting? It’s a great way to experience different neighborhoods and even try out different types of homes. You might be surprised at the opportunities available in your area. Websites and social media groups can connect you with homeowners looking for responsible people to care for their homes while they’re away.

Off-Season Vacation Rentals

Another option is to explore off-season vacation rentals. You might be able to snag a great deal on a cozy cabin or a beachfront condo during the off-season. This can be a fantastic way to enjoy a change of scenery and experience a new location without breaking the bank.

RV Living

And if you’re feeling adventurous, why not consider RV living? It offers ultimate flexibility and the chance to explore different parts of the country. You can find RV parks and campgrounds with all the amenities you need, or you can embrace the nomadic lifestyle and boondock in scenic locations. It’s definitely a unique experience!

Storage Solutions During Transition

When you’re transitioning between homes, storage becomes a major concern. 

What Type Of Storage Should You Get?

First, consider what type of storage unit best fits your needs. Do you need climate-controlled storage for delicate items? How much space do you require? Comparing prices and features from different storage facilities can help you find the most cost-effective solution.  

How Should You Store Your Things?

Once you’ve chosen a storage unit, think about how you can organize and access your belongings efficiently. Pack items in clearly labeled boxes, create an inventory list, and consider using shelves or racks to maximize space. This will make it much easier to find what you need when you need it.

Don’t Forget Renter’s Insurance 

And don’t forget about insurance! Your homeowner’s or renter’s insurance might not cover items in storage, so it’s worth considering a separate storage insurance policy. This can provide peace of mind knowing that your belongings are protected in case of damage or theft.

Managing The Moving Process

Moving can be a daunting task, but with careful planning and organization, it can be a smooth process. Start by creating a timeline for your transition. This will help you stay on track and ensure that everything gets done on time. Break down the moving process into smaller, manageable steps, and assign deadlines to each task.

Downsizing Will Make Things Easier

Before you move, consider downsizing your belongings. This is especially important if you’re moving into temporary housing, which often has limited space. Go through your belongings and decide what you really need to keep, what you can sell or donate, and what can go into storage.

Sorting Out The Non-Essentials

When packing, organize your belongings into two categories: essentials and items for storage. Essentials are the things you’ll need immediately in your temporary housing, such as clothes, toiletries, and basic kitchen supplies. Items for storage can be packed away and retrieved later when you move into your permanent home.  

Should You Hire Movers?

Now, the big question: should you hire professional movers or take the DIY approach? Hiring movers can save you time and effort, but it can also be expensive. It’s worth it if you really have a lot of stuff but if it’s a manageable amount then it’s probably better to not to hire a moving company.

If you’re on a tight budget, consider enlisting the help of friends and family. Just be sure to plan ahead and give yourself plenty of time.  

Final Thoughts

Having to quickly sell your home means you’ll have to find a place just fast. With the strategies and tips discussed, moving out shouldn’t be stressful.

Make a plan, be organized, and everything should work out. Remember to consider all the options too. Stay flexible – the perfect temporary housing arrangement for you is out there. 

Also, if you need help with selling your house in foreclosure then you should call Astute Realty. We’ll give a quote in 24 hours, and we’ll buy your house in less 7 days, how does that sound? Let’s speed up you’re home selling process!