Moving up to my next home

What's my current home worth, and what will I walk away with?

Moving up starts with two numbers: what your home will sell for in the next 60 days, and what's left after you pay off the loan, the commission and closing costs. A comparative market analysis (CMA) gives you the first; subtracting 6–10% of the price plus your payoff gives you the second. That net is your down payment on the next home.

You'll probably be surprised in one direction or the other. Renovations rarely add what they cost, and equity you haven't looked at in years is often more than you think.

Should I sell first or buy first?

Sell first if you need the equity for the down payment; you'll know your number and can negotiate a rent-back to stay a few weeks. Buy first only if you can carry two payments for a few months, or use a bridge loan. A contingent offer (buy, conditional on your sale) is the middle road and works better in a slower market than a hot one.

This is the decision people agonize over. Once you run the two-mortgage math honestly, it usually makes itself.

How much can I borrow while I still own this one?

Your lender counts your current mortgage in your debt-to-income ratio until it's sold, so the pre-approval may look smaller than you expect. Tell the lender your sequencing plan up front: they can write the approval assuming the sale closes first, or structure a bridge. Honesty here saves a re-approval later.

Same paperwork as the first time: pay stubs, tax returns, statements, plus your current mortgage statement and the CMA.

What should I look for this time that I missed last time?

You've done this before, which is the advantage: you know which compromises you regretted. Write those down before you tour anything. Then look for the things the next ten years need, not just the next two: a home office, a first-floor bedroom, a yard you'll actually use, a commute that holds up at 5 p.m.

Shopping with equity feels like shopping with a bigger wallet. The temptation is to reach. The families who feel good five years later are the ones who left room in the budget.

How do I keep two deals from tripping over each other?

Two contracts means two inspection windows, two appraisals, two closing dates and one move. One master calendar with every deadline from both contracts is the whole trick. Your agent coordinates both sides, but the dates are yours to know.

It's the most intense stretch of the move. It's also temporary, and a good agent has done it many times.

How do I close both, and when do I move?

Ideally the sale closes in the morning and the purchase in the afternoon, with the same closing attorney if you can arrange it, so the money and the keys move in the right order. In Georgia an attorney conducts each closing. If the dates can't line up, a short rent-back on the home you're selling buys the gap.

Two settlement statements, two walkthroughs, one long day. Then it's done.