Buying a home is never and probably never will be a piece of cake for anybody considering we spent a major portion of our savings on it. If we keep the money aspect aside then questions such as where to buy a house, what important factors to know beforehand, etc. are enough to make anyone feel overwhelmed. However, if you are purchasing a property for the second time then you have many advantages. After all, you have been down this road before, know your needs better, have far fewer questions than before, and most importantly, know what to expect from the process. Yet, buying a second home has its own set of questions to consider. Here are some questions you should certainly ask yourself to successfully navigate the process.
What are you going to do with your existing home?
The reason behind you moving out of your home could be many from the vicinity of your job to better schools for your children or as simple as a change of environment. Whatever the reason/s is/are, you need to decide what you will do with your current home. You could either sell it or rent it and both of the options have their pros and cons. Renting will give you continuous income but will bring a lot of potential maintenance costs and if the market conditions in your area are not favorable then you might not get a good price. Another option is to sell it to a house-buying company which helps you close the deal in the shortest time possible.
Do you have enough money for the down payment?
Irrespective you are purchasing a home for the first or second time, you need a down payment to give to your real estate agent, or else you will be locked into mortgage insurance costs. Home buyers can choose a home-buying company that will buy your house against cash which can help you pay for the down payment. Moreover, these companies will buy your house as it is, which will further help you save money which you would have spent on renovation to fetch a better selling price.
Should you sell your existing furniture or reuse it?
This depends upon a lot of factors. If you are starting a family in your second home, you will have the temptation to buy new furniture for your kid’s room. However, take a step back and think creatively. Do you need the new furniture or are you just giving in to the temptation? There are many ways one can design their home under a budget and save money for important repairs.
Do not buy your second house on an impulse
It is very easy to get influenced by manicured pavement, neighborhood buzzing with parties but make sure you don’t buy your second home on a whim. You have the added advantage over first-time home-buyers in a way you must have certain things in mind that you need in a new neighborhood and can’t negotiate with. Use that list while narrowing down on the property and make sure you take advantage of all the available options for finding homes on the market including home-buying companies, real estate agents, or as simple as driving around the neighborhood if you have the time.
The key to making sure purchasing a home for the second time doesn’t become too exhaustive is being realistic about what type of second home suits your lifestyle. Don’t forget to take into account your future needs and long-term goals. If you are going to live there primarily, then as a home-buyer make sure you check whether essential spots like supermarkets, hospitals, the school are nearby or not. Take the required time as you go through the process of upgrading from your starter home.
