upsizing - how it should be done?

in a rising environment, i lived in my old apt when i renovated the large one. In a falling environment -- I would sell the first, and rent until you find your new upgrade and then close -- do not go double long in this environment. My advice -- imh

You should sell, move to rental and then buy, or else be prepared to hold two properties.

the first time I upsized (1999) we tried to do simultaneous closings of buy and sell, but the mortgage broker screwed up and we ended up having to borrow a ton of money from friends at the last minute to close the purchase. Not recommended.

the second time I upsized (2009) we decided we liked the market and kept our old condo as an investment property. We thus had to qualify to hold two mortgages, but the banks let us do that, and we bought into a fairly "easy" co-op.

ali r.
DG Neary Realty

i know this isn't always possible, but i've managed it on the last three out of four closings. twice when i have sold i rented back for two months after closing (the last time i still was forced to close on the new place and move the same day, not something i'd recommend).

i gave myself a drop-dead date to find a new place. if i hadn't found it i would have moved into a one-year rental. if i hadn't been able to close on time i would have had to find a temporary rental. both times worked, but it was not for the faint of heart.

say "supersize it"