We are no longer as enameled living in a condo with a couple of recent events. We have one of the best views in the entire community of what will be 7000 homes, now with 3000+ homes built. Despite our high HOAs, moving to another single family home community will cost us another $8K per year if it has a pool or $5K if it does not have a pool. If (saving) money is the only consideration then we won't move.
If we find a home which we love, the challenge will be how should we pay for a second home while we wait for our home to be sold. Should we try to time the market?
We are thinking that we should sell some of our investments and keep the cash, in say late 2020, thinking that if there is a change in our presidency that stock market and real estate will be depressed for several years. We wait for 2022-23 to buy our next home. Sell our current home then or even later when the real estate market recovers some and put the money back into our investment account.
Very good point about the stock market and change of presidency, and the real estate depreciation.
There are so many unknowns. Of course, when real estate markets recover, you may get more for your current home but then your new home could cost even more.
This tiny home we are buying- we will be lucky to net enough from the sale of our current home after expenses-with everything it has and all the land, etc.- to pay for it after the upgrades and so on. You can not compare what we have now to what we are getting. It’s not only downsizing, it’s a downgrade- but that’s the way the market is now in the 2 areas.
We are concerned also about investments going down. If this house doesn’t sell before we close on the new one we have to deplete our brokerage account and emergency cash account to buy it- and we were supposed to live off the brokerage account starting in January when hubby retires.
Therefore, will be consulting our financial advisor soon as to whether to cash out now - at least before October-or wait. Even if our house goes to contract- you don’t know until the last minute if the sale will close.
Then we have the issue of paying moving costs twice and high rent in the meantime.....sigh...
Meanwhile, a showing for our house for this morning and tomorrow have just been cancelled. Tired of the constant cleaning. All for nothing. We have had like 5 cancellations! No showings in 3 weeks!
And after the inspection, the potential buyers have asked us to provide answers to some questions, which we did. We also had our septic tank pumped yesterday to alleviate any concerns with that. Here I was at 63 moving stones around the septic lid in 90 degree heat and humidity. The poor guys were dripping! Then had to come in to clean the house for the showing today.
Still selling and disposing of things. Sold the 16 year old freezer yesterday. Tomorrow hopefully hubby’s desk and my curio go, but people are no shows sometimes.
I am still waiting for the retirement fun to begin! Have a long way to go I guess!