Age Old Dilemma: Buy Another House or Sell Your Current One First?

If you are renting and moving into a new-to-you Las Vegas home the process is usually fairly simple - you just let the lease expire or find another renter to fill your shoes. But what if you have a home to sell first? Do you sell it and move afterward with the need to rent or stay with family or friend? or do you buy another home and then with the risk that your current home doesn't sell quickly and you get stuck with extra monthly mortgage payments? or do you make your contract for the second house based on the sale of the first?

There is no easy answer. You basically have three choices: move twice, risk paying extra mortgage payments, or ask the seller of your new home to accept your contingency.

If you are tight on money and have the option to live with a family member or friend or you can rent for cheap you can live off the bare necessities until the first house closes and you are able to move into the second. If money isn't an issue then it makes sense to move ahead with the purchase of the second home and then take your time with the first. An option that may make your life simple but put stress on the seller of the new home is to make your contract contingent on the sale of your home. Be prepared to have that countered out of the contract because the other sellers may be under a tight time frame themselves. Each situation requires some analysis and an appropriate decision.