A common concern for many of my clients is where to live during the build process. Many of our baby boomer and/or downsizing clients, have this concern as you may not have moved in quite some time. Since the build process is 4-1/2 months until completion, here are a few options that many of our current and past residents are doing to make the transition into Michael Lee Inc’s community, Pioneer Point.
Remain in your Current Home Until Build Completion
Depending on your financial circumstances, many of our residents have waited to put their current home on the market until a couple of months prior to build completion. If finances allowed, this will allow only one move for the client as we can negotiate a closing on your current home to coincide with the date of the build completion. Kristy Esty with Michael Lee is a licensed real estate agent with Edina Realty and can streamline the process for you as she has done for many of our clients. During the pre-build process, we can discuss this with our lender to see if it’s a possibility for you.
Renting a Property
Depending on your situation, renting can be a preferred option. Many people want to sell their current home first to finance their new home, which finding temporary housing will be a must. Keep in mind that majority of rentals have an increased rate for leases less than 6 months. Many clients preferred the 6 month lease as it allowed them to slowly make the transition into their new home. Others have paid for the short term month to month rental option as it was well worth it to them as they did collect funds at their current home to help cover the deposit and rent needed. Rentals can be furnished or unfurnished, which will affect the cost. The beauty of working with a local builder is that he willing to offer flexibility in helping make this transition easier on your, for example we have had to increase build time schedule as it worked best for our client. Being up front and discussing with the builder your situation, allows for us to find a solution for you that will best meet your needs.
Where do I put my Belongings
If you decide to sell first then build, storage facilities will most likely be needed to house your current belongings as you may not need all of your belongings in the temporary rental or it may be fully furnished. This will involve movers unless you plan to do the move yourself that can move your belongings to a local storage facility, either temperature controlled or not, for the duration of your build. On closing date of your new build, you will want to arrange for the movers to empty the storage facility and deliver those belongings to your new home. By using a storage facility, you will have access to your belongings throughout the build. Another options is a PODS storage unit, where a storage pod is delivered to your current home on the date you decide. The pod can be slowly moved into or hire movers for that date to move your furniture into the pod. Once the pod is full, it will be transported to a storage site until the date you need it to be delivered to your new home. By using the PODS storage unit, unlike the storage facility, it will not be easily accessed throughout your build process.
A storage facility is usually a good idea to invest in, even prior to putting your home on the market, especially if your agent requests for removal of furniture pieces due to staging. Kristy Esty, with Michael Lee, offers staging to our clients, to make this process a bit easier.
Live with Family or Friends
Many of our clients have lived temporarily in a cabin, basement or spare room of their family or friend’s during the move. This can be a cost effective option and easy transition for some. A few lucky enough of to live temporarily with friends at a lake home or on a home located on the river bluffs.
Take a Vacation
Some of our clients are retires or snow birds with a benefit of taking a road trip across country, a European vacation or take a cruise in the Caribbean. This is a great time to set sail and return once your home is complete. Our snow birds, usually leave for 6 months so this is perfect for a build time. Michael Lee Inc has experience, completing the selection process while you are away. Our computer system, allows you to be remote and access your home progress. You are weekly updated and will be provided pictures throughout the build. The selections can be mailed or you can visit stores in your local area to choose selections. Our preference would be to complete the selections prior to leaving as many can be made right at our main Michael Lee Inc. office.