Avoiding Multiple Moves When Building New Construction

Submitted by Realtor, Sara Bastian

So you want to build a new home and you have a home to sell. How do you time the sale of your home so that you only have to move once? The answer is you can’t time the sale. BUT, you can do a lease-back also called a rent-back.

A lease-back is when you lease the home you just sold back from the buyers for a set time while you wait for your new home to either be built or closed on. Usually you and the new buyer will determine what his/her costs are for a month (mortgage payment, HOA fees, taxes, insurance, etc) and you prorate the costs for the amount of days you will be leasing back the home from the buyer. This alleviates the need for renting a short term storage unit and/or moving truck and hauling your valuable items to several places (and cutting down on the chances of those valuables getting chipped or broken).

Just be sure to check with the new buyer’s insurance company and lenders – many lenders require the new buyer to reside in a home within 60 days of purchase if it is going to be their primary residence and insurance companies have different rates if the new buyer chooses to receive the traditional insurance or if they choose only dwelling insurance until they move in.

A lease back could be the perfect solution for avoiding the stress and arranging the logistics of multiple moves