Tips For Second-Time Homebuyers

Buying a home for the first time requires a lot of research as you make your way through the process that is all new to you. There are many things to prepare for that you probably have never had to do before like avoid making any larger purchases that may affect your credit score. However, with all of the noise about first time buyer tips, what do you need to think about if you are going to be buying your second home? Here are seven tips for anyone looking to buy a home again in today’s market.

Establish a transition plan

When you purchase your first home, you probably just have to figure out getting out of a lease or moving out of a friend or relative’s home. However, buying a second home most likely means you have a home to sell or rent your current one. This might mean doing a contingency clause in your home sale agreement or possibly planning a short term rental in between.

Mortgage paperwork

The mortgage situation is ever changing so even though you have purchased a home before, you still need to prepare yourself for the mortgage qualification process all over again. Home loan rates and guidelines change all of the time so you will need to contact a mortgage broker before you start looking for your next home.

Expand your search criteria

With home prices on the rise and inventory levels being on the lower side still it will benefit you to expand your search to include homes that may be in need of some updates. More significant updates may be worth it if you can get the home at the right price. Benefits can include being able to do the work later on when you can afford it and being able to have things exactly as you want to your style liking.

Utilize technology

Where homes are coming on and off the market quickly make sure you leverage technology and get email updates of new property alerts. Also do additional searches so you get very familiar with what home prices are listing and selling for in your area of interest. This will help you gauge market activity so you know what to expect.

Buy in an off season

In many parts of the country there are certain times of the year that are more popular for buying properties. For most areas the holidays are slower times of the year which may mean less competition for your offer.

Best foot forward

Make sure that your offer stands the chance of being the best and that does not necessarily mean it is the highest price. If you are paying cash or financing, be sure you have proof of funds submitted with your offer to strengthen it. 

Timing flexibility

It can be helpful to know about the seller’s ideal time frame and build your dates around it to accommodate them as best as you can. This is another example of being an attractive buyer that is not necessarily just your offer price.