Are you in relocation mode and finding that you haven't sold your OLD home but need to buy something new? Should you buy before you sell?

This is a tough question, and many people find themselves in this situation. On the one hand you want to have a place you can call home in the new town, and get yourself and your family settled (unless you are on your own). It's hard living with the uncertainty, and of course you want a place you live with your family, the pets and your stuff.

Give this VERY CAREFUL THOUGHT.  You, like many folks, may be in a market where it is taking time for things to sell, yet you want to move along. If there is a way to balance this, without incurring too much financial burden by owning 2 houses, I would urge you to do so. Buying another home when you have another home to sell is very risky and can cost you thousands. Be very sure that you can handle two mortgages AND for an extended period of time - you just don't know when your home will sell.

Are there other options?

• You go on ahead and leave the family behind so you can start work - maybe live in a short term furnished rental
• Can you negotiate the start time for your new job? Work from afar? Do a long-distance commute?
• Move the family into a rental in the new location; keep your stuff in storage except for essentials until you sell, THEN find your new home and move
• Before you buy the second home do a very thorough analysis of your costs on keeping your current home (mortgage, insurance, utilities, maintenance, taxes) for a period of time, then factor in the cost of a new home (probably DOUBLING what you are already paying).
• If there is a relocation company involved can or will they BUY your old home? If the answer if YES make sure you understand the terms and conditions, costs, price they will pay, and the financial and tax impact on YOU.
• Does it make financial sense to rent your old home for  period of time and then try to sell later (this can have tax implications because of the income; you will have long distance maintenance and property management issues; the condition of the home may be impacted by tenants; the market may shift, etc.).

These are some important issues to consider before you make a decision, and there may be others, such as the impact on your personal life. Don't make a hasty decision you might later regret.

There are a few things to consider regarding insurance when relocating. Talk with your insurance agent if necessary.

1. The moving company will provide a certain amount of insurance as part of the move. You will have the option to purchase additional insurance if you wish (costs vary). NOTE: Generally boxes you pack yourself are NOT covered under the mover's liability insurance. Check to see if there is anything else not covered OR if other special insurance is necessary (e.g., for a car being shipped, other large equipment, boats, etc.). Do you have expensive items that need additional coverage (large clocks, paintings and other artwork)? Will your homeowner's insurance cover these items or is it better to get additional insurance through the mover? (My advice is to carry your jewelry with you in the car or on the plane - check on coverage before you leave).

2. If you are leaving your home before it is sold, make sure you maintain insurance on the property until closing has occurred (this is likely required as part of the purchase agreement you and the buyers have signed). If it will be more than 30 days until you close, check with your insurance company, as some companies will not insure a vacant home after 30 days, or for even a shorter period. You may have to change the type of insurance policy since you are not living there; this new policy may be less expensive. If you are going to be renting your home instead, you will need to make other changes in your policy before tenants move in.

3. Make sure you have insurance coverage on your new home (if already purchased and closed) as soon as closing occurs (normally the bank will require this and ask for verification from the insurance company). If you are not buying a home in your new location and will be renting, make sure you obtain renter's insurance before setting out on your trip.

4. Check if you need to make any changes in your auto coverage, either due to shipping or if traveling across the country. Make sure your car, you and your family are covered no matter when you are. If you don't have roadside assistance (e.g., AAA) you might want to invest in this - it is inexpensive and will be helpful if you should have car problems on the road. An added benefit is that AAA does a great job of planning your trip no matter where you are going, will map out routes, and provide travel books for the states you are passing through at no extra cost (this is helpful for finding tourist attractions to visit along the way, restaurants, and inexpensive hotels).

5. Make sure you have all your health insurance cards with you for all family members for the trip. Check to see how emergency will be covered on route.

6. Find out from your auto, dental and medical insurance carriers how they will handle coverage in your new state, if at all. Is there a grace period during which you can obtain new coverage? What if you have to go to a new doctor or a dentist?