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Old 03-24-2021, 01:02 PM   #349
I-Hate-Hulse
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Quote:
Originally Posted by Vinny01 View Post
I am interested in what approach people take for moving from a home you own to purchasing a new home.

Are others taking the other approach of selling your place first then getting out in the market to purchase?
It comes down to you doing some serious budgeting and forecasting taking into account some worst case scenarios.

Some years back we bought a new detached house 1st, and then needed to sell our townhouse. Plan A was of course to sell the townhouse, easy peasy. Plan B was if we were unable to sell the townhouse, what would that look like. I modelled out Plan B assuming we couldn't sell for 3, 6, 12, and 24 months. Or if I lost my job. Those type of situations.....

Thank god I did, because my my two other neighbors were dicks. To make a long story short - I was unable to sell and had to put Plan B into effect or else eat a 20% price reduction. Luckily my Plan B gave me enough time to find a trusted renter (in law) to live in that gave me 2 years for me to sell at the price I wanted. While stressful, knowing exactly where I stood financially gave enough comfort so as to not be in a puddle of anxiety....

Ultimately you need to look at the 'time' you have under Plan B vs taking a haircut on your property to move it and think about whether that's a risk you can live with.
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