realtyreport
Ready for Seconds
Are you thinking about buying your second home? Or your third, fourth, or even fifth property? Below are a few signs that you're ready to make the move to a new address.
- You've reassessed your needs. What you were looking for when you bought your current home might not be what you're looking for now, in terms of both the property and its location. Establishing your list of needs is a must before you start shopping for your next home, as doing so will help keep you focused and on budget.
- You know the market. Depending on if it's a buyer's market or a seller's market, and especially if you have two transactions to juggle, you need to decide what to do first: buy or sell. That decision largely depends on whether it's a sellers' or buyer's market. If it's the former, you'll likely want to buy first; if it's the latter, selling first probably makes more sense.
- You've considered your costs. If you're buying before selling, have you determined how you'll be paying for the down payment and closing costs on the new place, given you'll still have money tied up in your current home? If you're moving to a pricier property, have you budgeted for the increase in costs associated with a more expensive home?
- You've shopped around for a mortgage. Mortgage shopping is an important, although often confusing activity. As such, you may be tempted to stick with your current lender at whatever terms they're offering. But terms are ever changing, so if you're willing to put in the effort, you could save thousands by shopping around again.
The home selling and buying experience doesn't have to be overwhelming if you have the right support. Remember to call on your real estate and lender representatives before venturing into your next move.
