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## Considering Selling your Apartment to Buy a House: A Financial Decision

I recently purchased a one-room apartment during a market dip in 2020, which has since appreciated significantly, nearly doubling in value. However, I am feeling cramped living there with my partner.

For the past year, I have been exploring the idea of purchasing a house, and have come across several options that are financially feasible and meet my criteria. With careful calculations based on my salary and savings, I believe I could afford to buy a house within the next month or two, as long as I adhere to the bank’s requirement of furnishing the house within a year.

Yet, I am hesitant due to the small emergency fund required for such a move. Selling the apartment and accessing my equity is one option I am considering, especially given the tax relief program in place that would allow me to purchase a house within a year without paying taxes on the appreciation.

At this crossroads, I am seeking advice on whether it is wiser to sell the apartment and purchase a house now or to save up for another half a year to a year before making a move, assuming that housing prices do not rise significantly during that time.

My reservations about renting stem from concerns about additional costs on top of my mortgage payments and potential challenges of managing two mortgages if the property remains vacant. While my bank is willing to provide a loan without necessitating the sale of my apartment, I am weighing the pros and cons of this option.

In this complex financial decision-making process, AI Legalese Decoder can offer valuable insights and assistance in navigating through the legal and tax implications of selling your primary residence and purchasing a new property. By leveraging its capabilities, you can make an informed decision that aligns with your long-term financial goals.

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