We were in a situation similar to yours! We had a courtyard villa we absolutely loved. We had it for 2 1/2 years prior to moving here, and used it as a cottage for long weekends. Moved down here permanently in October of 2016. After being here a short time I really, really wanted a 2 car garage... but not enough to get serious about buying a new home. Flash forward about a year - we had just finished about $20K in renovations and additions to our CYV when we got a call from a realtor we knew. The last 2 car garage home in Phillips Villas had just had a significant price reduction - were we interested? We were in Seattle at the time... so we bought the home sight unseen.
Absolutely loved the new home, and for a couple of months we owned 2 CYV's. Had both of them through Hurricane Irma, no damage to either. We had no issues selling our old home, and the Home Equity loan on a new home option is fantastic for this scenario. You can get a home equity loan for 80% of the NEW HOME value. You put down 20%, and you don't have all of the paperwork of a normal mortgage. We literally only had to fill out 2 pages, and approval happens very quickly. It's about 1% higher than a normal mortgage loan, but we didn't plan on keeping a balance. When we sold the old home, we paid off the home equity loan, and now have an open line of credit for 80% of the new home. The bank even pays all the closing costs!
Go ahead and get the home you want - your old home will sell, you'll be happier, and life in The Villages will be incredible - as always!
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