One of my cousins is buying a home for the first time. She's so excited. It's lovely to see. Buying a home is still one of the major rites of passage in life. It makes you feel like a grown-up. Not to mention the tax write-offs.
As I said, it's her first home. And that's actually the easy one, although it's scary to do it the first time. To sign your name a million times. To take on that level of debt.
But when you buy another home, when you have a home to sell, it gets more challenging. Because when there are two houses involved, there are many more logistics. It could actually be three houses - the house you are buying, the house you are selling, and the house that your buyer is selling. That's a lot of dominoes to fall in line.
It used to be that you could make an offer on a house and then wait to close until your house sold. So that you could roll the money from one house to the other. But in today's economy, that's no longer an option. From all reports, each person/household has to find the financing to buy that next house WITHOUT selling the previous house.
Of course, you pay yourself back. But it's tough. Because it's hard to get a loan in this economy.
So that's my challenge. I'll let you know how it goes...
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