Should we purchase a new house?

My family has ourgrown our home and have been upgrading it to make it more appealable when we do decide to sell it. However, last week we happened upon a home that would fit our needs perfectly and the instant we walked in I just new that it felt like home. (its the model and exceptionally priced)


We werent expecting to sell our house so soon so if we purchased the new house I was thinking that we would have to rent ours out. I have spoken to a few business ppl that I know of and told them of my situation. There are only 2 reasons that i'm hesitant about buying the new home (1) we still have our old home and i dont want to get stuck w/ two mortgages, and (2) new home is in a community where the schools are less than stellar so i'd have to contiune w/ private schools for my kids. one of my investor friends has told me that if my house doent get a renter by Jan that he would buy either the new or the old home from us.


So my question is what should i do? go for it or stay put?Should we purchase a new house?
First and foremost I would look at my personal financial situation. Assuming that bad things some times happen to good people, what if you could not rent/lease/sell your old home? You would have two house payments, can you afford that? For how many months. What if your car broke down during this period, do you have an emergency fund built up?


I agree with a previous answer and that is try to make the purchase of the new home contingent on the sale of the old home.


Another factor for me would be why is the school system in that area bad? Are you setting up to be in an area that is on the incline or decline for your children's future? Even if you send them to Private school there will still be neighborhood kids and kids they meet with activities after school (ex: ball teams, dance, theater, church, etc..)Should we purchase a new house?
consider 2 things- can you afford to pay for two mortgages if you don't sell your current house and you will not rented?


if you have kids in school, i will choose the neighborhood with better school, than one with not so good ( only if you prefer private schools). better school district is always more appealing to potential buyer and no matter how long you plan to stay in this new house you should consider resale value. your house is your biggest investment, isn't?
Is a contingency plan an option? Why not put in an offer to buy the house contingent upon your selling the old one? The school issue is the most important one, and if contingency is not an option, then wait until it can be and in an area that has a good school system. I wouldn't depend on your invester friend.
Wait until you have a contract on the house you are in now to buy a new one or you can get the new one now and about a week before you close on it, put an add in the paper to rent out the old one. just make sure your ';available'; date is set for like a week AFTER you expect to close. That way you have one mortgage covered, can make a little extra money, and still leave yourself a little time so you won't feel so rushed. I do mortgages and do property investment for myself. It works the best. I had to learn it the hard way!
Lease out your old home that's enough to cover the mortgage. Do it with an option to purchase. Get the non-refundable consideration and apply that towards the new house. Then get a new loan to buy the new house.