Expert: liznarr - 8/9/2007

Question
Hello,
my fiance' and I are getting married in April.
currently we both own a home. Me a 3 bedroom house, and she a 2 bedroom townhouse.
we want to sell both our homes and buy a new home to start our new life together.

my I have 2 questions

1. Should we put both houses on the market at the same time or is it better to sell one then the other?

2. we want to move into the new house by or before the actual wedding. would we have to wait until after the wedding to buy a house or is it safe to start the whole process around January or February? before the actual wedding.

Thank you in advance

Answer
Hi David,

First of all, congratulations on your upcoming wedding.

If you want or need to have the equity from the sale of both homes in hand in order to purchase your marital home, I would suggest selling them both now.  The worst thing that can happen in the real estate world is to find a home you LOVE, but find that you might miss out on it because another home that you need equity from has not sold.

I would also suggest that you have a contingency plan in place -- in the event both homes sell.  I also would  suggest that you and your fiancée reach an agreement on the following questions (in addition to any other considerations that might need to be dealt with):  

Where would you each live if both homes sell quickly?  

Are you willing to rent while you find a home?  

Would any apartment or rental house be big enough to for furniture, etc., from the two separate homes?  If not, are you willing to store furniture until your next home purchase?

A sage’s advice would be to make certain of your commitment to each other before taking the above steps.

Once you have made your decision, you do not have to wait until you are married.  You can apply as co-owners and both your incomes will be considered for the loan you apply for.  

Don’t overlook the type of ownership you want for your marital home.  If either of you were to meet an untimely end and want the house to automatically “go to the other,” look into Joint Tenancy ownership which avoids Probate (as opposed to Tenants in Common).  And don’t forget to update your Wills after marriage.

I hope the above is helpful in making your decision.  Good luck to you both, and feel free to write again if you have additional questions.

Regards,
Elizabeth