Quote:
Originally Posted by bigdog
Thanks for your feedback to all, great info !
I like idea of home equity loan approach, low cost interest rates, and low Closing costs, sometimes you can find 'no' closing costs.
The other option mentioned, selling now to get the highest price, and live in a rental until I 'Close' on new house purchase. I have a condo down in S.C, and could live there, until new home purchase, but buying new house from a distance or sight unseen is a challenge ! I know folks who have done this, but can also have negative results.
The one main issue I see, is housing inventory. I'm looking to purchase a home for under $300k, that's my challenge. When houses in this price-range come on the market, they seem to be going under contract within days !
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We had the same issue trying to find a small, affordable home in NH in general and one that didn't involve renovation. We were just very lucky to find new construction in the Weirs and all in ended up paying $274,000 (base was $249,000).
Yes- it was very difficult trying to get the house built from living 6 hours away, but we actually did do it long distance, so it is doable, especially with everything being able to do on line.
It's not on the water, of course, but close enough to enjoy it as we don't have a boat anyway. It is not the perfect house we were seeking, nor in no way the exactly perfect area we wanted to be in, but it did check off a lot of the boxes we had.
Our goal was that was the house we bought had to come in UNDER what we got from the proceeds of the sale of our other home, INCLUDING all the moving expenses for BOTH moves, atty fees and closing costs involved with BOTH homes, the extra money we had to pay towards the temporary rental, and the money we still wanted/needed to put into the new house AFTER we moved into it- things like a radon mitigation system, a standby generator, light and ceiling fan fixtures, window treatments, etc. etc. That is what would make moving worth it.
Happy to say we pulled it off with $3000 to spare, which will be used next year to do some work in the basement and some other incidental things. (and no, we are not finishing off the huge walkout basement . That would go against our plan for a simple, easy lifestyle with low expenses. We'll leave that to the next owners or our son when he inherits it.)
