Ideally you would always be able to coordinate your house closing dates so that the house you buy closes on the same day as the house you sell. In practicality, closings rarely line up, and when they do it can be extremely stressful to close and move on the same day, especially if there are delays in either of the closings.

Many people prefer to close on the purchase of their new home some time before they close on their old home. There is the added cost of obtaining “bridge financing” for the new home while still paying the mortgage of the old one but the resulting stress reduction may well be worth it. This scenario is also ideal if you want to do some cleanup, painting or renovations on the new home before moving in.

Some folks may choose to close on their old home before closing on their new one. This may appeal to those on a tight budget or adverse to risk. Obviously the big downside is that you will have to find a place to stay and store your belongings while waiting for your new home to close. You will most likely incur added moving expenses as well.

However you choose to bridge the gap between the two closings, ensure you plan well ahead and don’t forget to budget for the added expenses.