Changing residences can often be a delicate process. Ideally, you'll want to time your move so you can sell your old home, put the proceeds toward the purchase of your new home, and move in – all within a relatively tight timeframe.

Of course, this can be easier said than done. You might find yourself having trouble finding a new home to purchase, or the offers on your current home might be slow to materialize.

In these situations, you may find yourself in the unenviable position of paying mortgages on your newly purchased home as well as your previous residence. While this situation often resolves itself after you've made only a few extra payments, preparing for this scenario can help ease the burden on your budget.

Before listing your home, it helps to assess your finances. If you can't feasibly purchase another home without cashing in on the equity of your current residence, you'll need to find a buyer before you can purchase a new home. If you have plenty of cash in reserve, you may be able to make a down payment on another home before you sell your current one.

Even if you're in a good financial position, however, you'll want to calculate how much you'll pay to carry two home loans. Carl Carabelli, writing for the budgeting site The Nest, says that in addition to the two mortgage payments, you'll have to pay expenses such as utilities and insurance on both properties.

This added financial burden may also affect your ability to borrow money for another mortgage. Lenders are often reluctant to approve a mortgage if it will elevate your debt-to-income ratio above 40 percent. Daniel Bortz, writing for the Milwaukee insurance company Northwestern Mutual, says it is usually recommended that the amount you spend on housing does not exceed 28 percent of your gross monthly income.

In some cases, the added costs of the second mortgage can be worthwhile. If you've found a home you like, you may want to act quickly to purchase it instead of waiting until after your current home sells, when you may feel pressured to purchase a less preferable property.

Buying a home before selling your old one lets you relocate with one move, instead of first moving to temporary quarters and again to your new home after closing. This can also give you the opportunity to move items gradually over time instead of getting everything together for a single moving day.

Once you've moved into another home, it can be easier to spruce up your former residence. Melinda Sineriz, writing for Realtor.com, says you'll be able to renovate that home while living away from the noise and havoc of the ongoing construction. You'll also be able to clean up the former home and stage it, making it more attractive to potential buyers.

One common way to handle paying two mortgages at the same time is to get a bridge loan. Ilona Bray, writing for the legal site Nolo, says this short-term loan helps you weather the costs of purchasing a home before you sell your previous one, and is designed to be paid off once you sell that residence. However, bridge loans can also be difficult to qualify for and be expensive due to higher upfront costs and interest rates.

There are several other ways to acquire funds for the home purchase as well. Kristin McFarland, writing for the Massachusetts-based company Darrow Wealth Management, says these include borrowing from a retirement account, taking out a home equity loan on your former residence, or doing a cash-out refinance on your previous home.

Each of these options carries some risks. For example, a home equity loan borrows against equity that might not materialize during a sale, while borrowing against your retirement funds may deprive you of a substantial amount of your savings if you aren't able to quickly repay this money.

Depending on your situation, you may be able to make a smaller down payment on your new home to minimize the amount of money you'll need up front. However, you should be prepared for the increased monthly mortgage payments this will entail. You may also be able to handle the cost of paying two mortgages if you receive a gift from a friend or family member.

One way to minimize the financial burden of an extra mortgage payment is to rent out your previous residence. Bortz says that if you take this step, you should be prepared for the responsibilities of being a landlord, including collecting rent, addressing maintenance issues, and abiding by local tenancy laws.

The state of the local housing market can be a crucial factor in your decision. Bray says that if homes in your neighborhood are selling well, it's more likely that you'll be able to move to a new home and find a buyer for your previous residence quickly, minimizing the amount of time where you'll have to pay two mortgages. In a buyer's market, you may find plenty of attractive properties on the market but have trouble selling your current home.

One option to avoid paying two mortgages at once is to include contingencies in the transaction. Steve McLinden, writing for the financial site Bankrate, says you may stipulate that you'll get a certain amount of time to sell your previous home before closing on a new one. When selling a home, a similar clause could state that a potential buyer can only close on the property when you've found a new home to purchase.

The downside of these contingencies is that they can weaken your position in the market. A buyer may opt for a property they can move into more quickly, while a seller may accept an offer from a buyer who can close in a more timely fashion.