Buying a new (preowned) and Renting my home- NEED ADVISE PLS!!
Hi BP members,
I live in an SFR right now but have been looking for a home in a nearby community (great schools, neighborhood in North Dallas) where I have a lot of friends in the same community. Recently a home was listed in the same community we are interested to purchase the home, but given the nice neighborhood the price is higher ($700K+). If the new home works out for us, we would also would like to rent ur current home we live in and put it on the market for lease. I spoke to a few property management firms and said that the rental market is "hot" and can lease my home in 30 days (my home is 15 yrs old, also in good neighborhood with great schools 10/10).
Question: Would it make sense to take the plunge in this volatile market and buy a pre-owned home and rent our existing home? Or should we wait for market to come back to normal (whenever that is) and then look to take the plunge (may or may not have this home in market).
The only reason we are so interested in the neighborhood is that we can live with our friends and for our kids to have company of their age kids in the community and the same great schools. There are only few homes in the small community that come to the market for sale.
We’ve been fighting hard to resist the temptation to go with the home, but also avoid any risks as possible given the current crisis we are all in.
Requesting all experienced investors and home owners to provide some thoughts and advise here!!
Much appreciate it BP team!
Thank you!
Sri