Tips for purchasing your second property.
Although there’s a lot of advice out there for first-time buyers about how to get on the housing ladder, there is much less information for those looking to step onto the next rung. Second-time buyers often face many of the same challenges as well as a few of their own. To help you purchase your second property properly, take a look at these tips.
Ask yourself if you really need to move. This should always be your first question. Moving is renowned for being expensive and stressful, and there’s no guarantee you’ll be happier in your new place. Make a list of pros and cons of your current home and really take a look at why you want to move.
Prioritize your needs. Just as you likely did with the first property, you will need to understand what you want out of a house. It can be tempting to go for a house that ticks all the nice-to-haves, but if it doesn’t check off the must-haves too, then you may end up moving a third or fourth time.
Think about the future. Your need to move is probably down to a change in circumstances – the growth of your family or perhaps a career change. If you want to avoid a third move, think about how your life may change again in the future. If you’re planning on having children and starting a business from home, consider how many more rooms the new property will need.
Maximize your budget. The amount you can spend on your new home is likely to correlate strongly with how much you’re able to get for your existing home. Getting the best possible price for it is important, and it starts by getting a valuation. Do all you can to boost curb appeal, fix it up, and redecorate beforehand.
Cleaning up your finances is one of the first steps to take before buying a second property. Enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!