Should We Move First or Sell First? 

Deciding to sell your current home first or move first is a significant decision that may impact not only your finances it may also impact your physical and emotional well-being. The decision can be especially challenging, and involves careful consideration of your personal comfort, financial stability, and the emotional and physical toll. I’ve helped clients do both. Both options are viable yet you will need to decide which is the best option for you. Here are some considerations: 

Sell First:

Pros:

• Clear Financial Picture: Selling your home before moving gives you a clear understanding of how much equity you have, which can help in making decisions about renting or purchasing. This may allow you to plan your finances and next steps with more clarity. 

• Financial Risk: Selling your home first means you may not have to worry about paying upfront for your new home, or possibly having to dip into savings before you sell your current home. For some this reduces the stress of managing multiple expenses at once. For others they are aware it is a temporary and a well calculated risk. It will depend on your own personal level of risk and your financial situation.  

• Home in Top Condition: You’ll have already decluttered and made any updates if they were necessary, so your home will be ready for sale.

• Longer Closing Dates: You may be able to negotiate longer than typical closing dates, giving you more time to find and move into a new home. This flexibility can ease the emotional stress, as you’ll have time to adjust and make decisions without the pressure of being rushed and most of all you will be moving into a home that you love, not settling for. 

• Because you sold first, if purchasing a home, your purchase to offer could be seen as very strong as you are ready to purchase with possibly less subjects, so could be beneficial if competing with other buyers. 

Cons:

• Temporary Housing or Storage: If you sell before finding a new place, you may need to find temporary housing or storage, which can be both physically and emotionally challenging. This might involve moving into a short-term rental or staying with family while you search for your ideal new home. 

• Emotional Attachment: Letting go of a family home where you’ve made memories can be difficult. Selling first can increase the emotional weight of the transition, as you might feel the loss of your familiar space before settling into your new one.

• Longer Closing Dates: If competing with other buyers, your need for longer closing dates could be seen as a negative if other buyers can close sooner. 

• Market Uncertainty: If the real estate market is slow, you might face delays in selling your home. This uncertainty can cause added stress as you wait for the right offer and continue searching for a suitable home.

Move First:

Pros:

• Less Stress During the Transition: Moving to a condo or retirement community first allows you to take your time adjusting to your new space without the pressure of selling your home right away. You can move only what you need and leave behind anything that doesn’t fit in your new lifestyle. I help our clients with their move management, organizing movers and people who can deal with items left behind. 

• Emotional Relief: Moving first can reduce the emotional stress of trying to manage a home sale while planning for a move. You’ll have more time to adjust to your new life in the retirement community or condo before focusing on the sale of your house.

• Preparing to Sell: I often prepare a home to sell including staging, having the photographs, floorplan and video ready, so when my client falls in love with a home to purchase, has an accepted offer, I can list their current home within days, ensuring they are paying for 2 homes for as little time as possible. 

• Better Space Planning: Once you’re settled into your new living space, you’ll have a better understanding of how your belongings fit, making it easier to downsize or reorganize. This can reduce physical strain as you aren’t forced to make snap decisions about what to keep or discard while in the midst of packing and moving.

• Control Over Timing: Moving first gives you more flexibility, as you won’t be rushed into finding the right home. You can take your time adjusting to your new lifestyle in the condo or retirement community, which may make the transition smoother and less overwhelming.

Cons:

• Financial Pressure: Maintaining two homes can create financial strain. This might be difficult, especially if you are on a fixed income or don’t have the financial flexibility to cover both expenses at once.

• Risk of Market Changes: While you’re settling into your new retirement community or condo, the real estate market might fluctuate, potentially affecting the sale price of your home. If the market declines, you might not get as much for your home as you hoped, which could impact your financial planning.

• Overlapping Costs: If you don’t have bridge financing in place, the costs of living in the retirement community or condo and maintaining 2 homes can add up. This can create an additional financial burden.

The decision to move first or sell first depends on various factors, including financial stability, emotional readiness, and the physical challenges of moving. If you feel that managing the sale of your home while also adjusting to a new lifestyle would be too stressful, moving first might provide emotional relief and allow you to settle in at your own pace. However, if financial security is a top priority and you want to ensure you have a clear picture of your budget, selling first might be the better option.

Consider your comfort level with risk, your physical health, and the emotional impact of leaving your long-time home. Working with trusted professionals including your financial advisor, can help guide you through this decision and provide peace of mind as you navigate the process. Whether you choose to move first or sell first, the key is to make the choice that aligns with your needs and priorities for a smooth and less stressful transition to your new home in a condo or retirement community. Have questions? Ready to start a conversation? 

Call me at 604 730 2600