Planning to buy your next property before selling your current one is a difficult decision, especially if you have found the perfect home at a great price. There are advantages to buying first but there is a risk.
Buying before selling gives you the opportunity to paint, redecorate or renovate the home before moving in. You also don’t have the worry of finding alternate accommodations while waiting for the renovations to be complete or if you current home sells before you find your dream home. 
Also, you will know when you can take occupancy of your new home, and what the costs are going to be.
However, the advantages need to be weighed against the risk. If you buy a home prior to selling your current one it means paying two mortgages at the same time. Will your mortgage company let you take on two mortgages? A lot of people plan to get bridge financing but don’t realize that bridge financing is usually only available if your present home is sold first. Talk to your mortgage company before putting in that offer.
In a buyer’s market, when homes generally don’t sell quickly, purchasing a new home before selling your current one could result in your being saddled with paying two mortgages for a longer period than you had anticipated or can afford. What’s more, you may have to lower the asking price of the home your are selling in order to get if off your hands.
In a seller’s market, when there are more buyers than properties to purchase, buying before you sell carries less of a risk since you should be able to sell your home faster. This means a shorter period for which you would be in the position of having to make two mortgage payments.
When your home has sold and you have purchased a new home, consider bridge financing for a week or two. This allows you time to paint and move in without the big rush. Closing on both homes and moving the same day is very stressful and you may have to pay your mover to sit at the curb of your new home while waiting for the keys.
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