Navigating House Sales and Purchases Without Using All Your Sale Proceeds

Dialogue

• Picture this: You just sold your home and now you're eyeing a shiny new one. What's next?
• Let's dive into smart strategies that allow you to purchase without using all your sale proceeds.
• First up, do you know about the Capital Gains Tax Exclusion?
• If it's your main home, you might dodge up to $250,000 as an individual or $500,000 if married.
• That's more money to play with, just for living there two out of the last five years!
• So, what to do with this extra cash?
• It's not just about pouring it all into your next home.
• Consider using part of it for your new down payment and channel the rest into savings or investments.
• Now, how about timing? This is crucial.
• Many choose to sell their current home first.
• Why? Because it frees up funds and avoids juggling two mortgages.
• But, it might mean couch-surfing with friends for a bit!
• Or, do you have the funds to buy first, then sell?
• This can mean a smoother transition but may lead to a temporary double mortgage scenario.
• For the bold, there's the art of simultaneous transactions.
• Imagine selling and buying at the same time. It’s complex but possible.
• Think contingent offers or rent-back agreements. Move out, move in, all without a hitch!
• Don't forget about investment properties, they have their own perks.