In a world plagued by uncertainty… control matters more than ever— especially when it comes to the cost of your housing.
Maintaining optionality, flexibility, and adaptability in your housing are essential in your ability to control housing costs.
So, what do you do if life is forcing a housing decision on you that you’re not quite ready to make?
There is no better way to ride out housing situation uncertainty than in the comfort and convenience of a bridge lease. Or, in other words, a short-term (often month-to-month), flexible housing lease option where your needs (not the landlord’s needs) determine the length of stay.
Benefits of a bridge lease:
- Provides the freedom to make housing decisions on your terms
- Furnished and unfurnished options available, reducing the entry and exit barriers of a big-move
- All-inclusive apartment packages available, eliminating the hassle of setting up services and utilities in your name
While a bridge lease doesn’t solve every expiring lease problem, it does have certain benefits for specific people and circumstances.
So, how do you know if a bridge lease is right for you and your situation?
Let the following nine signs act as your guidepost.
You can work from anywhere in the world. While this situation doesn’t apply to most, it is common amongst technical, creative, and knowledge professionals. With the acceptance and viability of remote work becoming more evident, more people have experienced the geographic freedom of cutting ties with a physical office location. Being that most creative types tend to be a bit whimsical (not hating!), those with the spirit can now travel, live, and test out a city you fell in love with through a movie or friend’s Instagram post. No strings attached!
You like the city you live in but think rental prices might drop and you want to upgrade your apartment. Everybody likes a good deal, even if there’s money to spare. While all signs point to a speedy recovery across the global economy, who knows what the future entails. Given that major cities are experiencing an exodus of population, corporations, and business segments, some rental markets may experience some price headwind depending on your hometown. If you think prices might drop, or that perfect corner apartment overlooking the pool might open up… wait it out in a temporary situation until the time feels right.
You were recently hired, and your company is considering virtual work assignments. Virtual assignments blend in-person with remote work. Some organizations are offering staff three days at home, two in the office, or vice-a-versa. Either way, this optionality creates a bit more flexibility in terms of where you choose to live as your commute decreases. Take this opportunity to test out different communities until you find the one that fits, even if it is a bit further away. It is a whole lot easier to stomach an hour and a half commute if you only have to do it twice a week, especially if that commute is the only thing preventing you from choosing to live in a fantastic home city.
You are either currently employed and looking for a new job or fear you might be asked to take a pay cut or be downsized from your current position. Somewhat obvious, but nonetheless, if there are any harmful types of uncertainty in your life, it is best not to compound the effects with long-term financial decisions. Moreover, a robust mindset calls for preparing for worst-case scenarios in all aspects of life. If one of those scenarios even hints at the plausibility of a down-turn in job prospects, it is best to remain free of any long-term debt obligations.
You need a buffer month or two to align your roommate situation. If you were single going into this pandemic, chances are the shelter-in-place orders either pushed that fling into the love zone, or you are so sick of talking to your teddy bear, you’d jump at the chance to live with your crazy aunt. A little bit of patience will go a long way and could be the difference between watching the Golden Girls (again, not hating!) or binge-watching Shitz Creek or Sunday Night Football.
Your company is still deciding on a permanent remote work policy. By now, you should either know if you are built to work-from-home, or not. A quick few minutes of watching Zoom fails on Youtube will tell you it’s not for everyone. While some organizations quickly called it the best thing since the Tiger King, some are more hesitant to get into the proverbial cage and take a selfie snuggling a big cat. Aside from the obvious legal and tax implications, organizations are still deciding if their organization is built for remote work, analyzing its effect on internal culture, productivity, and employee health.
You are awaiting life-altering news regarding a promotion or school acceptance. Big news such as a promotion or acceptance into higher education typically brings forth more options and more decisions than were present before the information. Delaying housing decisions until said news has settled provides the best opportunity to maximize the benefits of those increased options and decisions.
You are a current student, and your university is still deciding between online and in-person classes. Our hearts go out to all college students getting their college experience upended by the pandemic. It is neither fair nor right. Whether you are deciding between a gap year or pressing on, remember uncertainty is no friend to long-term commitments. They say patience is a virtue for a reason.
Your work contract is ending, and while there was talk of an extension or a full-time employment offer, nothing is confirmed. Another obvious situation one should hold off on signing a long-term lease or mortgage, yet sometimes those “sure things” can be blinding to conventional logic. Until the Doc-u-sign is saved, sent, and confirmed, please remember, all “sure things” can be reversed by unforeseen circumstances. It is best to think of all sure things as unsure until they are in the past.
There you have it, Synergy’s nine signs you might benefit from a bridge lease. While we will admit most of the above signs are apparent signals to hold off on long-term housing decisions, sometimes the solutions available aren’t always obvious or well-known. In those circumstances, flexible alternative housing options can make a world of difference.
In that vein, Synergy developed SynergyHome, a housing product, and service intended to provide the perfect solution to all who might find themselves in housing limbo.
SynergyHome is a concierge styled rate and service housing package for individuals or corporations needing flexible, non-committal bridge housing options. The product offers a no-hassle, seamless bridge-lease option for the relocating professional, stranded student, or anyone in need of and convenience before they commit to a long-term housing decision.
SynergyHome offers all the comfort, class, security, and ease of a Synergy managed serviced accommodation with the added benefit of our trademark consultative apartment services (e.g., preferred rates, property relationship management, flexible month-to-month (or longer) stay lengths, no deposits, etc.), utilizes and service fees, and on-site service and hospitality.
If you are one of the millions surfing Apartsments.com, hunting for your next apartment. Or if you are getting pressed by your landlord to sign a new year lease. Or better yet, if you were recently hired and are waiting to move until your company decides on their work-from-home policy, give us a call. We can get you into a Synergy serviced apartment at a preferred rate (we negotiate with the property on your behalf!), with minimal commitment, and provide you with the type of world-class hospitality that will have you feeling like you were living in a five-star hotel.