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Certainly, this is an option, but a very expensive one.
1) moving/rent/deposits/etc cost a lot and is a huge pain.
2) rent in Manhattan is not only expensive, but usually requires a 1 year commitment, and subletting 2-3 later is not always allowed
3) By not buying another apartment right away there is a risk that the interest rates go up too much, or there is no good apartment to buy that we can afford, etc.
In other words, I hope to avoid this option. At the very least, it will cost us a lot of wasted time, money and effort.
NYC IS BIGGER THAN MANHATTAN. Private landlords are more flexible. Interest isn't going up substantially for 2 years. The difference in payment for a 3.2 vs 3.6 mortgage is less than $100. But cost of houses are increasing substantially.
Find 2 joses and move your stuff in storage. You will pay less than $2000 for a year of storage but over $50k by waiting a year or two to sell then buy.
i am in a similar situation. but i am upgrading from a single family house to another sfh. I am thinking about a rent-back arrangement, so i can sell my current house and rent it for another 6 months while i am searching for a new house. Does anyone have experience in this? how easy is it?
i am in a similar situation. but i am upgrading from a single family house to another sfh. I am thinking about a rent-back arrangement, so i can sell my current house and rent it for another 6 months while i am searching for a new house. Does anyone have experience in this? how easy is it?
Might want to ask on the real estate forum. Prob a lot more people with experience on this there.
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