7 Tips For Second-Time Homebuyers

Buying a home for the first time requires a lot of research as you navigate your way through the process that is all new to you. There are a lot of things to prepare for that you probably have never had to do before like refrain from any larger purchases that may tarnish your credit score. However, with all of these 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 again in today’s market.

Establish a sell/buy transition plan

When you purchase your first home, you probably just have to have a regard for 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. This could mean doing a contingency clause in your home sale or potentially planning a short term rental in between.

Mortgage paperwork

The mortgage situation is always changing so even though you have bought before, you still need to prepare yourself for the mortgage qualification process again. Rates and guidelines do 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 low end still it will benefit you to expand your search to include homes that may be in need of updating. More significant updates may be worth it if you can get the home at the right price. Benefits include being able to do the work later when you can afford it and being able to have things exactly as you want with your style.

Utilize technology

With homes coming on and off the market quickly make sure you leverage technology and get email updates of properties. Also do additional searches so you get very familiar with what home prices are listing and selling for in your area of interest. 

Buy in an off season

In many parts of the country there are times 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

Be sure that your offer stands the chance of being the best. That does not necessarily mean 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 learn about the seller’s ideal time frame and build your dates around it to accommodate them. This is another example of being an attractive buyer that is not necessarily your offer price.