Good morning, all.
My wife and I are going to be making a concerted effort to get out of our starter home this year. According to my Property Appraiser's website, our property value has almost doubled since we bought the house for approximately $80k in 2014. We would like to use that equity to cover the down payment and moving-related costs. My main question is: how do you buy (or build) a house while trying to sell at the same time? Is there a time frame that you allows you to buy or build before you sell?
I assume that can be established through a contract, but I have basically zero experience in these situations and I don't want to go to a realtor to have them immediately push me to buy or sell.
We'd like to build a house because we're so picky about how we like our living spaces laid out, so I'm also curious as to the cost comparison between buy and building. Our area has inflated quite a bit, and I suppose that we would basically be buying houses that were $80k in 2014 for approximately $150k today. Would I be correct in assuming that we could buy a lot and build a house that hasn't been inflated as much as the existing homes currently on the market?
Any information on how this works and what to look for/avoid when dealing with a realtor would be greatly appreciated. Also, if anyone has any advice on how to start preparing ourselves, our finances, and the current house, we'd be incredibly grateful. Thanks in advance!
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source https://www.reddit.com/r/RealEstate/comments/ehnuh5/questions_on_buyingbuilding_a_new_home_while/
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