In my personal opinion, if you can afford and want it, sure but, if you're on the knifes edge and aren't really sure your finances can bear the strain, the I would recommend you don't.
1 - Your monthly rental payment
2 - The monthly rental you could get for renting your one bedroom condo
3 - Your cost of ownership for the new 3 bedrooms ( mortgage if any, real estate taxes, condo or HOA fees) + the cost of ownership for the 1 bedroom.
If the numbers would make sense, I would put the one bedroom condo for rent and buy a new 3 bedrooms and when the market gets better sell it.
Either way, it might be a good idea to talk with a financial advisor and or with your accountant so they can advise you better with the right numbers.
I think the best answer here depends on how you feel about renting. If you are comfortable with renting for another year from this June (when your lease is up), then this might be your best bet. Personally, I don't see real estate coming back to normal levels any time in the next year. When your new lease is up in June of 2009, this might be the ideal time to jump into the market and buy. This means you need to be looking for your home 60-90 days before you want to close.
It sounds to me like one of two things. To be brutally honest , you may be asking too much for the one bedroom , or the listing agent is not doing enough leg work. That's it. Regarding the rest , if you can cover your new house payments comfortably then why not? Look at the rent coming from the apartment only as a bonus , because you never know what happens.
Good luck. Antony.
I would say yes if you need to uprade try to find a new home before your lease expires, I can see what I can do to assist you as well in selling your other property, and keep your mortgage current if you will be looking for a new mortgage soon so you dont hurt other opportunities. My office has been in East Boca 25 years, We have a new location on Federal Hwy at 5th Ave shoppes. Feel free to contact me to better assist you.
Weichert Realtors, Village Point
Boca Raton, FL
I am glad we found each other because nobody knows East Boca better than Coldwell Banker. We are the leader in Palm Beach County and our property rental/sale exposure is by far superior to all others and I can illustrate that simply by statistics and numbers which are set in stone. I would love to preview both your properties and to give you some feedback as to where you stand in today's market. Of course, it's all relative to your personal situation, but without the information we provide you, the decision is even more difficult to make. I look forward to your call and to helping you move forward in 2008.
Sounds like you are ready to upgrade to a larger home.
It also sounds like you need to get the apartment sold.
Let's get it sold so you can move on.
There is a reason that it has not sold as of yet.
I would be happy to look at the apartment and tell you what to do to get it sold ASAP.
"Every real estate transaction deserves a custom solution"
Gregory J Mullen P.A. (561) 504- 8357 mobile
RE/MAX Services (561) 912- 3500 office
6070 N Federal Hwy (561) 912- 3501 fax
Boca Raton, FL 33487 BocaRealEstate@gmail.com
Licensed Florida Realtor and Notary Public
Specializing in Boca Raton Homes and Estates