We have looked for a home in another city for quite awhile in order to be closer to family, but have several "must haves" that complicate the process. We currently rent a condo in the other city. We have decided to sell our current home and live in the condo until we find a home in the second city, though we would, of course, like to avoid the time and expense of moving our current home to storage in the other city since we have furnished the rental condo, and it is too small to accept storage from a much larger home. The financial issue is that we have what we expect would be about a 80% amount of cash now for the home we are likely to purchase, and we will have more than enough equity from our current home when it closes. We have other assets we can access in retirement funds but doing so in the presumed amount of up to an additional $400,000 would result in huge taxation and additional IRMAA.
Options are to bite the bullet and withdraw, take a mortgage (already approved) or HELOC, etc.
Our house went on the market yesterday, and we expect a contract today, possibly a biding war since additional showings are set for today. The question involves suggestions regarding a best financial approach if the eventual purchasers are not willing to temporarily rent to us and we are required to close on its purchase before finding a home in the second city. We can live in the rental condo as long as necessary, though would, of course, like to get settled in as quick a time as possible with the best possible financial outcome with a first world issue.
Any responses will be appreciated.
Options are to bite the bullet and withdraw, take a mortgage (already approved) or HELOC, etc.
Our house went on the market yesterday, and we expect a contract today, possibly a biding war since additional showings are set for today. The question involves suggestions regarding a best financial approach if the eventual purchasers are not willing to temporarily rent to us and we are required to close on its purchase before finding a home in the second city. We can live in the rental condo as long as necessary, though would, of course, like to get settled in as quick a time as possible with the best possible financial outcome with a first world issue.
Any responses will be appreciated.
Statistics: Posted by Nowizard — Sun Dec 15, 2024 8:44 am — Replies 1 — Views 106