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Moving Season: Should you Sell your Home Before Buying Another?

Moving Season: Should you Sell your Home Before Buying Another?

As sure as the first buds bloom many homeowners get that itch to move. Sell their homes and buy another - something more suitable - something they have been dreaming about. It's as common as the cold. You have been house hunting and found the perfect place but have not even thought about selling your current residence. You are quite sure the other house will get snatched up and this would be a disappointment. So you consider buying the new home before selling your current one.

But the question is really whether or not it is a smart decision for homeowners to sell their home before buying another. Take the following information into consideration as you mull you're your decision.

First, perhaps your family has expanded and you are feeling a little pinched for space. You have been a smart money manager and you have a substantial amount of equity in your current home with financial security in the form of a great two-income household. In this case you might be saying to yourself - why NOT buy something a bit more extravagant. If your finances will allow you to put a down payment down on this new home while keeping the one you are currently living in - for a short amount of time (perhaps even up to a year) then it may be the right choice for you. There are few things more important than coming home to a house you love and in which you want to raise a family or simply enjoy for yourself.

Speak to a loan officer to ensure that you are able to secure the second mortgage before going any further. That's the great thing about bankers - they only see dollars and cents and sometimes this practical view is what the prospective buyer needs!

Once you put a bid on the house and it is accepted and the process is underway for moving - then put your house on the market. Don't shortchange yourself on the selling price just so you can move it. Remember, if you have to you can rent it out for a year or so. In fact, this will relieve you of the cost of a second mortgage and you may find that you like being a landlord after all. It allows you to continue to accrue equity in the other home while purchasing the new one.

The distinct disadvantage of selling your home before buying another one is that you are now in a position that you will need a place to live. That usually puts pressure on the home seller to make a decision - and it may be one that you regret. To be sure, there are advantages and disadvantages to selling your home before purchasing another. Do not make a hasty decision.

To learn more about this and other home buying tips visit our website.

About the Editor


Tanya Stewart

Ms. Stewart holds a B.S. in Engineering Psychology from the University of Illinois, Champaign-Urbana and Juris Doctorate law degree from the University of Georgia, Athens. She has over 15 years of experience running different businesses. She taught Marketing and Strategy for the Georgia branch of GKIC, a global Entrepreneurship & Marketing company.

GKIC influences more than 1 million business owners per year. Tanya specializes in Strategy for the business and implementation of the tactics necessary to execute the Companys plan. She also develops content, creates and refines campaigns and manages agents and staff to keep them on task. As a professional speaker and published author, she is articulate and persuasive, and serves as the American face of the company.

Her happy journey from Engineering-Psychology and through Law school merged into 15 years running different businesses. A professional speaker and published author, she has taught Marketing and Strategy for the Georgia branch of GKIC, a global Entrepreneurship & Marketing company that influences more than 1 million business owners per year. In seeking a new way to be of service, she Co-Founded HelpFindingMyAgent.com to combine her love of digital marketing and people.

Tanya Stewart
Vice President Sales &
Co-Founder of HFMA

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