January 15, 2014 — This really good question was posted in the Topretirements Forum by Margielyn. We thought it so interesting that we have re-posted it here so people can Comment about it more easily
“It is usually the best idea to sell a home before buying a new one. This is for financial reasons: we won’t have two mortgages and we would know the price house we can afford since we will use the proceeds from the sale of our current house to buy the new one. The problem… where do we live reasonably until we find our new home? What do we do with our furniture? Move it twice, once to a storage facility and then to our new home? How will we know what furniture to keep and which to get rid of as we don’t want to spend money storing furniture we will not be using as we will probably be downsizing? So while it seems financially the best option to sell before you buy, we are thinking of all the expenses we will incur if we don’t have a home to move into when we sell. Realtors tell us our home should sell fast, but can we really depend on that?? Are any of you in the same quandary?
We have looked into residence type hotels and the most inexpensive ones seem to be about $59 a night. That can get expensive if we have a hard time finding a new house. We are moving across the country to add to the confusion!! If I bought a home in Arizona or Vegas and would be able to sell my house in Florida in just a couple months and have the new one to move right into it could theoretically be a lot cheaper than renting for months on end until we find the right new home. So what would seem to be financially expedient (selling before buying) may turn out to be more expensive. Any ideas or ways you handled this problem????”
Comments anyone? Please share your thoughts and experiences on how to solve this dilemma in the Comments section below.