12/13/2024
Congratulations to the Hammillโs who purchased their โin betweenโ house today! ๐ก
Thinking of building your dream home but need to get the equity out of your current home first? Where will you stay for the next 12-24 months? Oh, you didnโt want to live with family that long ๐
Purchasing a temporary home makes SO much more sense than wasting $40,000+ on rent and storage.
My recommendation: ๐ง
- Put down the minimum amount of money for your temporary house (3%)
- Save the remaining equity for your new build costs. ๐จ
- Identify a transient, desirable area for resale or rentals. ๐ฃ๏ธ
Decide you want to sell immediately? You likely broke even or made ๐ฐ instead of wasting $40,000 in rent. If the market shifts negatively, hold onto the property instead.
Decide to keep it as a rental? Fantastic you now own an investment property with a fantastic rate and lower down payment than ANY investor program out there!! (Most investment loan are 20% down with a 1%-ish higher interest rate than prime)
Iโve had over 10 clients purchase temporary houses and all of them made money! Donโt waste your precious resources, be savvy ๐ด