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Originally Posted by Hifred
I am interested in opinions. I own a home in The Village of Charlotte and am considering building a larger home in The Village of LaGrange in Eastport. I am confused... With the bidding process for lots and potentially purchasing a lot and then not being able to sell my home for the price I need to complete a build that I would want. There are two options: 1) I sell my home first and then when the lot I am interested comes up to enter the lot lottery or 2) Purchase the lot and then try to sell my home. The issues are if I sell my home and rent then I may not get the lot in the area I would like to live since the lots have multiple people trying to purchase. But if I purchase a lot and then try to sell my house if it doesn't sell then I must move forward with the build and that could cause me problems financially. I have spoken to TV sales department and they are very positive that my house will sell which is what I would expect from the sales department. If anyone has had recent experience with this process can you tell me how it went for you? My current house is in very good condition but with all of the new houses for sale in the south I am thinking my house may not sell for what TV market appraisal is. I looked on line and my home would be the 10th pre owned sale sorted on price and square footage. However there are more than 18 new homes that are less expensive based on price and square footage. Your thoughts are appreciated.
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What is the old saying - a bird in the hand is better than two in the bush. Sell your home and see if you get what you wanted. I know for a fact the home prices have reduced as I considered selling and buying a new property in Eastport. After looking at the additional costs, I would have doubled my home mortgage because I have a 3percent loan and new mortgage rates are over 6percent. I was looking at a new $480k home, add another full car garage for 30k, a lot on golf course was 150k to $200k depending on the view. Then when you add in any updates or extras add another $100k. I was at $760k. Even if I pulled all the equity out of my home, let’s say $260k, I would still have to finance $500k at 6percent. In addition the new bond was $45k. The payments were almost 4K a month. I walked away and have no regrets. I’m still loving my home and neighbors. The villages will sell your home - no doubt - but will you get what you want for it? Then put your items in a short term rental until you get lucky and buy the lot you want. If you love your home and in no hurry - wait awhile - things will change.