This question is often a big dilemma for homeowners and the answer varies for your individual set of circumstances.
Selling your home first before you buy is often the most recommended option for the following reasons.
- You will NOT be left owning two homes
- You will know exactly how much money you have from the sale of your home to spend on your new home.
- You will know the date that you have to move
- You will be in a much better position to negotiate an offer on your new home as you will not have to make it conditional on the sale of your present home.
Buying your new home first may result in you owning two homes and may only be a good idea if you have very little or no mortgage on your present home.
However if you do decide to buy first you must make sure that you have a long closing date which will give you more time to sell your home.