Making the Move to a New Home
As life goes on, your family grows, your career progresses and things are constantly changing. With all these changes in your personal life, you may find a shift in your housing needs as well. Maybe you need to move into something larger that can accommodate your family, or into a space that has the extra office space you’ve been wanting. Or maybe you need to downsize because all your children have flown the coop, and it’s time to get into something a little more manageable. Whatever your circumstance, buying a second home has its obstacles. These tips will help you understand what to expect during the purchase of your second home.
3 Tips for Second-time Home Buyers
Be prepared to own two houses at once
Timing is everything. And when we’re talking about the purchase of a second home, it couldn’t ring more true. There are a ton of factors that go into selling a home and making a move into a new home. You have to list the home that you live in, sell it, close on your second home and move all at the same time.
So what happens when you aren’t able to get the timing right? If you’re purchasing a second home, you have to prepare for the possibility that you’ll be carrying two mortgage notes at the same time. That means that you need to have enough money saved to cover those expenses if need be. Paying one mortgage at a time can be stretch for some, but adding another one and not having the financial preparation can really add a lot of stress to the purchase of a second home. The rule of thumb here is: Prepare for the worst and hope for the best.
Get a pre-approval for your second mortgage
When you’re buying your first home, obtaining a preapproval is easier than when you’re buying your second home. Purchasing a second home is a much more convoluted process, so it’s important to talk to a mortgage professional and let them know there’s a possibility that you might remain in your first home during the transitionary period. They will take things into account like your assets, income and the valuation of your current home. Obtaining a preapproval is a pivotal step in buying your second home.
Work with an experienced agent
Putting together the right team to assist you in purchasing your second home is imperative to your success. We talked about timing earlier, and that sometimes the timing doesn’t work out and you end up owning two homes at once. This can happen for a variety of reasons. But when you work with the right realtor, the process becomes a more seamless one. Sometimes the timing doesn’t work out because the home being sold wasn’t priced correctly from the get go. When you don’t price your home properly, it can delay the selling process. When you’re buying your second home, delays cost you. And financial repercussions are the last thing you want to be dealing with when you’re purchasing a second home.
A Realtor in Ladera Ranch You Can Trust
As mentioned before, working with an experienced realtor is one of the best things you can do to ensure your success when purchasing a second home. I take pride in the fact that I’ve helped countless families, couples and retirees purchase a second home to take them into their next stage of life. When it comes to purchasing your second home, I have the knowledge and the resources to help you find a home that’s right for you. Contact me today to discuss your options and begin the purchase of your next home.
- M: 949.285.3215