Options Available To You When You Need Short-Term Housing
While you are waiting for your house to be available, or when you will only be living in an area for a brief period, you will need a house that can be your temporary home. This can be difficult, since you will probably not be able obtain a short-term mortgage. However, there are many options that are still available to you.
One option is to choose corporate housing. These are facilities that are designed for employees of companies who will be staying in an area for a limited period. However, corporate housing is often willing to accept any paying tenant. Another advantage is that these houses are move-in ready.
Community-sourced housing is a private house that can be rented for a short or long-term stay. The longer you stay, the more likely that you will be given a discount. In some areas, this form of housing might be your least expensive option. The great thing about this option is that there are many of these types of houses abroad. If you are waiting for your new home to be available, you could take a trip abroad for a vacation while waiting.
A Short-Term Mortgage
If you will be living in an area for ten years, one option is to obtain a short-term mortgage. A short-term mortgage will some with lower interest rates. You will also be paying a lower total interest cost. You will pay more money in monthly payments, but you will be paying less in the long run.
Purchasing a property in the short term is still beneficial if you would like to have control over your home. Rather than paying for rent, which is a sunk cost, you will be building equity by owning a home. Your own house is much more private and quiet than an apartment. The annual rent is increasing faster than inflation, so it may not be affordable to rent in the long term. You will not be able to write off rent payments on your taxes. Also, there are simply space and layout problems found with apartments. When you own a house, you are able to make changes to the layout to create the home that is perfect for you.
If you still can't decide what you will do in the short term contact a real estate agent for advice. Some real estate agents not only work with homes for sale, but also with rentals.