Quote:
Originally Posted by silver stallion
SPK7951
I agree with you that owning 2 homes for an extended period of time can be a drain on your finances. Anyone who has their home on the market for 1.5years is asking too much for their home, probably because they have to. I have enough equity in mine that I am convinced that I can make a fairly quick sell and still clear enough profit to nearly pay for the new home in TV. I've done a lot of research on homes in this area (Boynton Bch. Fl.) and can list the home and probably sell it within 4 months. To be on the safe side, I've decieded to wait until it is sold, rent in TV or nearby and then buy in TV.
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Hi Ho Silver!
Glad to hear that you are rethinking that idea of owning two when you really want only one. I think this market will be with us for a long time. Or at best it will level out at some point. I do not see a spike any time soon. (But keep in mind that I do not know what I am talking about. I am not a professional financial adviser. I just like real estate stuff.) But still, I'll bet you do just fine when you go in to buy after selling the first one. Like I said, there are worse things than moving twice. And besides, you would not even have to truly move twice. You could store the stuff you want to bring. Rent in TV. And take your time while you visit your money in the bank.
And btw, if that professional financial advice leads you to deciding to carry a mortgage, make sure you shop closing costs. I don't know how things are in Florida, but here in Cincinnati there is quite a variation in closing costs. A good friend of mine has gone through the same decision making process you are in, trying to decide whether to cash in investments and pay cash or carry a mortgage. The closing costs she found varied from a few hundred bucks to a few thousand for a solid fixed rate loan. Look around and compare closing costs along with interest rates.
Make sure that professional you use is paid by the hour and is not trying to sell you anything. A fee-only CFP or a CPA. I like my CPA. He does not try to sell me anything. And besides, he understands me. Or maybe it's because I understand him. Anyway, we are "of an age" and have been through the same economic history and understand where we are in life. I don't want to listen to a young pup money person who is wet behind the ears. I like the old dog when it comes to money advice. I guess because he knows what I am talking about. Well, enough about me. Good luck to you.
Boomer