If you cannot afford to hold both properties simultaneously, then you need to sell your current co-op first.
Especially since we're talking cooperatives with reviewing boards that can be unpredictable, you might need to arrange for a short-term rental and furniture storage in between deals. So, you need to budget for these expenses as well as the possibility of carrying two apartments for, we hope, a very short time.
I know this sounds horrendous!, but to do the thing the heart often wants to do--buy the new one first, then sell the old one--can cause a lot of problems. You might want to arrange for bridge financing if you can, it is not always available and is never, to my knowledge, a bargain. But it can be a good way to manage these transitions.
What happens all the time--I see this frequently, especially now, in this buyer's market-- is that people fall in love with a new place, and then find they cannot sell their old place for anything close to the money they expected. Or they find they cannot sell it at all, or that the deal takes far longer than they anticipated. They then lose the new place they wanted, and they become unhappy and frustrated.
The old saying still holds: real estate is easy to get in to, and hard to get out of. You will have a more pleasant experience, I think, if you tackle the hard part first.
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
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