Quote:
Originally Posted by silver stallion
................. We're still working and need to sell our home which I'll put on the market in Oct. I'd like to buy a home there before selling this one so we can move directly to it. ...................
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Whoa, Silver Stallion,
About this sentence right here that I lifted from your quote above, I hope that you will be sure that if you do it this way, you are prepared to possibly own two homes, and all the associated costs, for what could turn into an extended period of time. Crunch every number that could be a part of owning two. Figure out where your money can best take care of you and what you need for the big picture. Not just the inconvenience of a second move. You might be fine with owning two or you could decide that there are worse things than moving twice. Also what you get for your first home could impact the choice you will make for the next home. Lots of things to think about, especially in today's market which is not over yet.
I realize that there may be some concern that inflation will have to hit mortgage rates sooner or later. Who knows? But there is more to it than just interest rates.
And remember there is cash and then there is cash flow needed to generate payments. You need to get all your numbers together and then sit down to look at them with a CPA who can show you how your taxes will work best and who can answer other questions about how to make your money work best for you.
Also, as I am sure you know, do not take financial advice from somebody who is trying to sell you the extra house. The salesperson may try to convince you that "now is the time" because to not do it now could mean missed opportunity. Yeah right. Missed opportunity for that person who wants to sell you an extra house.
I know I am not answering your question. I just had to jump in here on that "owning two" thing. Please get professional advice. At this point in life, the do-overs don't come by as often. Take your time. Crunch your numbers. Weigh the pros and cons. And ask a lot of questions of a professional who is not trying to sell you anything, like a mortgage or whatever. An hourly rate for professional advice before making this decision can be money well spent. I wish you the best.
Boomer