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Here is what I did when I transferred my sites to new host:
1. I setup the account at the new host using my spare domain.
2. Transferred all the content and scripts, restored the database and ensured every thing worked well.
3. Changed the DNS at the new host and registrar to ensure the old domain was now pointing at the new host.
This ensured minimum downtime and also ensured there were no hiccups. And in case of any problem all I would have had to do, would be to once again point the domain to the old account and fix the problem at the new host.
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