One of the most important questions in relocation planning is whether you should sell your property before or after you move. What to consider in each scenario and what are their advantages and disadvantages you will learn in the following lines.
To sell or not to sell, and why is it important to make the right decision?
Sometimes, selling a home takes time. However, for a lot of people, it seems to be the only possible solution as they do not have the necessary funds to buy a new home immediately after moving. Don't rush into it, though. As with every aspect of relocation, from choosing a reliable Removals company to preparing your belongings to stepping over the threshold of your new home and making it a truly comfortable home, the answer to the question of whether you should sell your property before or after moving should be carefully considered. There are no right and wrong answers. It all depends on your situation and factors such as:
- The time you have to make the move
- Your financial resources
- The availability of a home-buying and selling professional
- Type of move (local or overseas)
- The real estate market in the chosen city or country
- Your ability to plan
- The ability to stay with family or friends or to rent a home temporarily
- Your lifestyle and whether you have a family
We'll reveal why we touch on these factors by looking at each of the possible cases related to changing housing when moving.
Why You Should Sell Your Property Before You Move
Selling a property before the actual move is associated with many benefits, including:
You have enough cash: the amount you received when you sold your current home can be invested in buying a new property and renovating and furnishing it. However, before you approach this option, make sure you have researched property prices carefully and that you are selling the home at a bargain price. In this regard, don't rush the sale, and if necessary, postpone the original relocation date by a few months until you find the right buyer. In the meantime, take the time to plan the budget items associated with the move, such as:
- Costs to hire a moving company
- Costs associated with renting storage space
- Vehicle rental costs
- Costs for purchasing equipment (in case you plan to move your belongings yourself)
- Insurance for the new home
- Repair costs
- Cost of new furniture
- Security system costs
Objectively evaluate the process of buying a new home: By selling your property before you move in, you can objectively evaluate property prices, their advantages and disadvantages, and the trade-offs you would make as a renter. In addition, you can gain experience from those moving into your old home on how to plan for the relocation process and who to approach if you need help buying a new property.
You can concentrate entirely on the move. In addition, you will have more time to plan and carry out each of the necessary tasks, including thinking about aspects such as: a new school for your children, the comfort of your pet and the care of older family members.
Less stress: We also link the previous point to having less stress when moving. You won't have to think about paying off two mortgages, for example. You will have cash in advance that you can consider how to allocate. When planning your budget, we advise you to answer questions such as:
- What is the biggest expense associated with relocation?
- Which funds should you allocate to additional costs?
- Do I need new furniture?
- Do I have to furnish all the rooms at once?
- Can I resell some of my belongings?
- Would I compromise the size of my home for new furniture, a convenient location or easier home maintenance?
Why You Should Not Sell Your Property Before You Move
Selling a property before you've moved has its drawbacks:
You need storage space: Moving after selling your current home means you will need to move your belongings out, and you will need a place to store them. This can drag on, as you may have to wait a few months before buying and preparing your new home. Even if you don't rent a dedicated space, again, you need to look for a place like a garage or basement to put some of your gear.
Re-transporting your belongings: You may have to move your belongings several times, which will not only increase your costs but also take up your time. In the process, you will most likely need to engage a specialist company or a handyman—again, not an inconvenient expense given the impending purchase of a new home and the preparations for living in it.
Extra funds for renting temporary accommodation: Whether you live alone or with your family, selling your property before you move means you may need temporary accommodation or a hotel to stay in. As well as the extra costs, this can bring you additional stress related to your chosen location. Is it close to your children's school? Is it easy to get to work? Are you close to the newly purchased home you are about to refresh and furnish? These are questions you shouldn't underestimate when deciding whether you should sell your property before or after moving.
Potentially delaying the move: The decision to relocate is often time consuming and carefully considered. If it is not forced, you may spend a long period until you finally decide on this step. Selling your property before relocation and potentially staying in transitional housing can delay the process of buying a new home. You may also face other issues such as lack of time, limited funds, and personal problems. If you are staying with a relative, you may not feel the need to buy a new home quickly, or you may spend long time hesitating, considering the alternatives.
Why You Should Sell Your Property After You Move
Here are our arguments in favour of the decision to sell your property after moving:
You can move in stages: You won't feel pressure to vacate your old home immediately and transport your belongings. In addition, you will be able to occupy your old home if refreshments are needed or you have decided to redecorate your new home.
You can rent out your old home: Until you find a buyer for your current home, you can rent it out. Doing so will ensure that you receive passive income that you can invest in your new home, allocate to a broker's commission, or use for another purpose. You'll also have plenty of time to find the right buyer whose requirements and capabilities you won't have to compromise.
Reduce stress for your family members: Here, we refer mostly to your children or older relatives, who may experience nostalgia for the old home, associating it with certain memories. Selling the property after moving ensures that you will be able to return to the original home and thus quell the negative emotions and stress of the change of environment.
Have a plan B in case of unforeseen disasters: By selling your home after relocation, you secure a backup plan in case of theft, natural disasters, noisy neighbours, or other household incidents because you can return to your original home. This is the case at least for the first few months until you find a secure buyer, but even for a short time, it's definitely a scenario to consider when wondering whether to sell your property before or after moving.
Why You Should Not Sell Your Property After You Move
Here's why you shouldn't sell your property after moving:
Additional costs of maintaining your old home: Cleaning and maintaining your old home and the furniture and electronics you store in it also come with additional costs and time. As tempting as the idea of owning two homes at the same time may be, taking care of them can be an ordeal, especially if you rely solely on yourself or don't have enough free time due to family or work commitments and a hectic lifestyle.
You need to have stable savings to rent or buy a new home: If you are not relying on the money earned from the sale of your old property to make your move, you should certainly have stable savings to spend on renting or buying a new home, removal services, insurance and furnishings. Selling the old home is among the ways to make sure you reallocate the funds you receive in the best way or add to existing savings to afford a more spacious and comfortable home.
Old home at increased risk of theft: If your old home is left uninhabited, it becomes a mouth-watering morsel for thieves. Break-ins are not uncommon, especially if you are referring to countries with higher crime rates. If the home also contains furniture or more expensive items, the risk of unwanted guests increases. In this case, you will need additional funds for home security and insurance.
Creating a sense of insecurity after the move: Setbacks in selling your old home or delays in the process can bring you added stress. In this regard, we only recommend selling a property after moving when you are sure you have sufficient funds to cover the costs involved:
- Rent
- Utility bills
- Education
- Child, pet and elderly care
- Fees associated with the move
- Immediate costs of remodelling or refreshing the newly rented or newly purchased home
- Medical expenses
- Hobbies and travel expenses (if you lead a dynamic lifestyle)
The question of whether to sell your home before or after moving seems like a rather tangled knot. How should you approach it? Trust your personal needs and the expertise of professionals. Ask a broker about buying and selling a home, and when it comes to the actual relocation, rely on the experienced team at Movega Removals, a company offering a variety of services and operating in as many as 33 countries. Get in touch with us via the available chatbot feature and a contact form.
