Accessing Equity for New Purchase
Own a waterfront condo in St Pete free and clear. Looking to purchase a waterfront home using the equity in my condo. Trying to figure out how to access the equity in the condo. My options are selling the condo first then buying a house. Another idea is some sort of bridge loan that allows me to use the equity to help purchase the house prior to selling the condo. Another idea is placing a mortgage/heloc on the condo, using the funds on the home and paying the mortgage off once the condo is sold, or lastly mortgaging the property and holding onto it as an annual/seasonal rental. Most of my cash is invested in the stock market and I'd rather dollar cost average it out in the future instead of withdrawing a portion of it now in a large sum. Also, would rather not have to pay taxes on the withdrawn funds if I can let them grow untouched. Ideas?