If you’re like most people right now, you’re still neck-deep in one of the weirdest times of your life due to the pandemic. Many of us are almost completely cut off from our families and friends (besides what we can salvage from virtual chats), we can’t go out to restaurants or bars, and because it’s winter, some of us can’t even go outside. It’s definitely a time of surreal isolation and high anxiety.
For people who need to change their living arrangements due to financial or other reasons, there is the added stress of moving and figuring out an economic situation that works. Examples of this are families or individuals who can’t pay their mortgage and need to move into a smaller, cheaper home or apartment. What about couples that split up right now? This is not an ideal time to move out and look for new dwellings.
With these challenges in mind, this post is a brainstorming session that will list a few different options for people who may need to find new living arrangements in the present or near future.
Coliving in the city
A new trend in the real estate market is renters who look for private rooms in shared suites located in big city homes. These types of communal living arrangements involve becoming members of a community that rents you a fully furnished room and provides a shared property service. You basically move into your own room in a shared, prefurnished home, and in exchange for rent and a service fee, you get weekly cleaning services and high-end amenities.
This is an ideal option for professionals who must move quickly to a new city and don’t have time to buy new furnishings and supplies. Many of these coliving communities allow you to transfer to different houses or cities if need be. The most popular destinations for such arrangements are New York City, San Francisco, Los Angeles, Chicago, Seattle, and other big, bustling urban cities.
Coliving may be particularly useful right now during the pandemic because it requires renters to do less public searching and shopping.
Tiny homes, RVs, and mobile homes
Tiny homes were already a trend in the last decade or so and for many people, economic troubles have already made living in an RV ideal. Now tiny homes are booming again because of the pandemic and the possibility of nurturing an office investment for the future.
In big cities like Los Angeles, many people have sold their homes due to economic stress and are living in RVs and mobile homes, which are much cheaper and allow them to move quickly if need be. Like tiny homes, RVs are booming right now but for a different reason. In addition to the cheaper finances, RVs allow people to easily get out into nature and avoid the city, an attractive proposal during an infectious pandemic.
You may have never imagined yourself being the type of person who would live in an RV but sometimes you have to quickly adapt to the times. Spending the next year or so traveling to the country’s scenic spots in an RV with your family could be the experience of a lifetime.
Many Americans are downsizing right now in anticipation of a protracted economic fallout from Covid-19. In addition to cashing out investments, this also includes selling larger home properties and moving into smaller, cheaper domiciles like apartments, condos, or the above-mentioned tiny homes or RVs.
The reality is we don’t know how long there will be financial uncertainty in this country even after the pandemic is brought under control. For many homeowners, this uncertainty is just too much stress, especially if you have children or dependents to think about.
Another option is to rent out parts of your house to friends or family members (ideally after making sure they don’t have Covid-19 first) so that you can make extra money while also offering your loved ones much-needed cover.
It may make total economic sense to pool your resources with in-laws, extended family, or friends. Just make sure you establish clear ground rules on safety precautions, such as making sure everyone stays at home most of the time, wears a mask when outside the house, and is honest about any exposure they may have.