It can be very difficult when you own a home and want to build one in a newly developing area. Buying pre construction is a great idea for many reasons. You can often get the best deals on a new home when doing it this way. In addition, you can get a home that is built to your specific standards, no less. Having a home that doesn’t need to be “fixed up” is quite thrilling. However, you might also run into some problems when it comes to deciding when to sell your own home.
Most people will go ahead and start building their new home before they sell their old home. The loan officers know that they are intending on selling their old home, so there is not usually a problem with getting the additional mortgage approved. However, if the building is much slower than expected, you could end up with two high mortgages. So, selling your home as soon as you can is usually a good idea. Just be sure that whoever you sell it to knows they cannot move in until your new home is ready.
Some people even devise a backup plan. Some will stay with their parents until their new home is ready. This can be a pain, but storing your belongings in storage for a month is much cheaper than paying two mortgages. Think ahead and plan carefully when you are configuring your building times and selling. This can be difficult, but you must be flexible when it comes to these things or you will go crazy for sure!
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