Purchase of a primary home before selling previous one
Submitted by max1938 on Thu, 03/28/2019 - 12:27
Hi,
we plan to buy an apartment as a new primary home. We will buy it before selling the current primary home. Thus, for a certain period (say, a year or two), we will own two primary homes, and we will not be able to use the proceeds of a house sale to purchase a new one. We will pay cash for the new home, drawing in part from our retirement funds and savings. We would like as suggestion as how to model this situation.
Many thanks, Max
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dan royer
Thu, 03/28/2019 - 13:41
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These homes are in the same
These homes are in the same state? You are doing this in the current year?
Let's see: how about this? Represent the purchase of the apartment as a first change of a vacation home. Then represent the future sale of the primary as a change in primary home. And you are in ESPlanner, not Maxifi, so I believe you'll have to indicate that you are renting a primary home for $1 per month maybe. There may be a way to avoid that but it makes the model more complex.
Try that and see if that makes sense.
Dan
max1938
Thu, 03/28/2019 - 16:48
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Dan,
Dan,
thank you for the suggestion. Yes, same state. Purchase of the new apt this year. Likely sell of the current house in 1-2 years.
Max