No. of Recommendations: 0
So how would you do it? Sounds like you would sell the existing house first, move some place else temporarily, and then build.
Yup. That's what we did. Twice.
The last time, we lived in a 2 BR apartment for 9 months with 3 (small) dogs. Fun? No. But we had the safety of KNOWING for a fact that no matter what happened, we'd not get stuck with 2 mortgage payments or 2 houses.

I don't want to do that, and seem to have found a proposal that accomplishes my goal, is affordable for the long term, and doesn't leave us broke or more stressed.
Well, to me it was more a matter of risk-management than wanting the least disruption to our lives. I don't believe in taking a risk unless there is a significant profit to be made by taking on that risk. Taking a risk for trivial gain doesn't make sense to me.

I've never met you nor talked to you, and have no idea about your personal financial situation. I do have personal knowledge of several people who got caught in the middle and had their plans fall thru and got stuck with 2 houses & 2 mortgage payments.

Have you ran any "what if the SHTF" scenarios? What if you your old house doesn't sell for a couple of years? What if you have to drop the price by 20% to get it to sell?
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.