If you have made the decision to move forward with the building of a new custom home, you may be grappling with the question of whether or not you should have your current home sold first.
For starters, know that you are not alone in seeking answers, as many who either build or buy an existing home want to know that they will not be stretched financially in owning two homes – which oftentimes also means the paying of two mortgages.
Certainly, in many cases, it does make sense to ensure that you won’t be left holding the proverbial bag on the payment of two home loans. Yet, building a new home – and especially a home that is custom fit to your specifications – will typically take some time. So, how do you avoid the “juggling act” of making sure that you have a solid buyer, but at the same time not be left “homeless” for a period of time if the builder should run behind schedule?
In this case, the best first step is to map out some clear cut goals. For example, by doing the math and determining just exactly what it will cost you to own both homes for a period of time, you can help yourself to better grapple with what could be the worst case scenario. Alternatively, if your current home ends up selling very quickly, you can also have a plan to keep your items in storage and rent a temporary space until your new home is complete.
Should you opt to move ahead with the building process, the builder that you choose should be able to help you along by providing you with estimated time frames for each key milestone. For more information on what to expect when building a custom new home in the Orlando or surrounding Central Florida area, Contact Us.
