When you move, do you sell your current house before or after you move?
- Christin KLv 71 month ago
People do both. It just depends on what the situation is overall. Some sellers can't sell before moving out--some have to in order to move out. If you don't sell before, you will pay two housing payments to two different places until your previous house is sold.
- 1 month ago
It is totally up to you whether you want to sell your property in which you were living or not. But if you would take my suggestion, you shouldn't sell that until and unless you need financial help from them. If you don't sell that, it will become an asset for you which can generate you passive income in form of rent.
But if you are thinking how will you be able to manage the tenants, there various Property Management Companies which do that. From rent collection & deposits to finding credible tenants for your home, all is done by them.
- FLv 61 month ago
Be aware in the UK , if you do not sell your current home first, the new one is treated as a buy to let property and you get clobbered with an EXTRA 3% stamp duty.
- 1 month ago
I live in a flying boat (aka an amphibious plane). I take my home with me wherever I go.
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- SlumlordLv 71 month ago
It could be either one but if you can't afford to hold 2 houses at the same time and you don't want to sell your house, then live outof a motel room until you buy a place, what you typically try to do is schedule the closings for the same day. You sell the first one, then use that money to buy the new one and move your household items directly from the old house to the new one (sometimes at the same time as someone else is moving into or out of one of the houses you just bought/ sold).
- curtisports2Lv 71 month ago
That's a matter of personal choice and personal finances. If you have the financial ability to buy what you want without needing outside financing, or can be approved for outside financing without having to sell property with existing debt against it, you may choose to go ahead and buy, and then sell your current property after the move.
Many people can't afford two mortgages, so selling what they have now is a must in order to be approved for a mortgage on what they want to buy. Closing on the sale and the purchase are coordinated to happen close together.
- MarkLv 61 month ago
Since you need to payoff the current mortgage and start a new one, it behooves you to have the old home sold first. Some do carry two mortgages, but only if they are financially able to do so.
It's a bit of coordination. Sometimes you find the right house, and then rush to get yours sold.
For us, we put ours on the market, shopped in the interim, but didn't make an offer until we had a offer and accepted. Actually, the first house we put an offer on, the deal fell through (after inspection), so we found another, but it wouldn't close at the same time as ours. We ended up staying in a motel for 10 days, with the movers putting our stuff in storage (4 units) and then moving it out after 10 days. Cost some extra $, but we got over $20K over ask.
- Anonymous1 month ago
It depends. If you're financially able, you can buy the new house before selling the old one. But most people need the proceeds from the old house to pay for the new one.
- TavyLv 71 month ago
You need the money from the first house to pay for the second. So it is timed to sell and buy on the same day.
- BJJLv 71 month ago
I think it would depend if the house you're going to buy is a vacant possession and you have an offer on your current house .
I mean it could take a long time to sell your current house