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Reply to "How much cash should I keep on hand if I'm trading up to a bigger house in the next year"
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[quote=Anonymous]You'll have to sell your current house first, in order to get access to the $600K. (Also, the seller assumes realtor fees of 6%, so don't forget to subtract that from your equity.) You'll need cash on had for the down payment (20%), earnest deposit (can be high, depending on how competitive the market is), closing costs. Also, factor in moving costs, rental fees (if you need to live somewhere else for a couple of months before moving into the new house), and funds for minor repairs and renovations (assuming that the house is essentially move-in ready). You'll need to furnish the house, too, since I assume that the new house will be bigger.[/quote]
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