No matter your age, when it comes to finding your perfect home, opting for new construction can be a lot of fun.
Interestingly, according to the National Association of REALTORS®’ Home Buyers and Sellers Generational Trends Report, home buyers between 54 to 72 years old were the most likely age group to purchase a new construction home last year.
Sure, when everything is brand new, you’re avoiding pre-move-in renovations or inspection surprises including plumbing issues, roof leaks, or something even more serious. But there are tricky parts to new construction, especially when you’re building from the ground up on your own plot of land.
The majority of new home buyers are planning on selling their current home before they move into their new one. And if the timing doesn’t go according to plan, you may end up with two mortgages. So most people sell their homes sooner than later.
But then you have to find temporary and VERY flexible housing.
The good news is you have a few great options for where to live during the build after you sell your home:
Family and/or friends
It’s no secret that with new construction you may need a little padding in your budget for “the unexpected”. So if family and friends are your “free” option, it’s great for your finances. But there are more than a few downsides to living in someone else’s home. Besides privacy, storage space, and parking limitations, if your completion date gets pushed back a month (or two or three), you may be asking a lot from your hosts. In fact, living with friends or family can get old pretty quickly. For you. For them. For everyone.
Hotel or Motel
A hotel may be a good option if your stay is less than a week or two. Who wouldn’t love housekeeping, room service, and other community amenities? You’re living like a king! But then where do you store all your belongings? And what if you have multiple pets, one of which likes to bark at strange noises in the hallway in the middle of the night?
Let’s face it. Long-term hotel stays aren’t convenient for families with young children either, as most hotels aren’t convenient to their schools or after school activities. And if a budget is any consideration, eating out daily can get expensive. The average nightly rate for a single hotel room in North America (regardless of quality or location) is around $100. So in just 30 days, your temporary housing costs including meals could be in excess of $3,500, more than twice the average monthly mortgage payment.
Subletting, Airbnb or VRBO
Over the past few years, subletting or temporary rentals such as Airbnb or VRBO have been very popular with people looking for short term housing. At first sight, subletting may look like a great plan but there is a downside. While inventory could also be limited within your timeline, there may be limited options for multi-pet owners, you’re also paying for space at a premium. Lastly, your host has the option to terminate your arrangement at any time. Moving multiple times during a new build is anything but ideal.
Short-term apartment rentals
For individuals, couples, or families who want space, privacy, location, and lease flexibility, short-term apartment rentals are the best option. But the word apartment doesn’t have to mean climbing stairs, fighting for parking spots, lack of outdoor space, or outdated appliances. Today, you’ll find next-generation apartment homes including Redwood Neighborhoods that offer single-story spacious smoke-free floor plans with private entrances and more.
At Redwood, rental living includes today’s most popular living amenities:
- 1100+ square feet smoke-free floor plans
- Attached garages
- Upgraded appliances and decor
- Tons of indoor and outdoor storage
- Personal patio space
- In-home dedicated laundry space
- Energy-efficient features
- And much more.
The best part of living at a Redwood Neighborhood apartment home? You know what you’re getting at every location.