Are you a second time home buyer and looking to purchase your next dream home? Congratulations! You’ve already gone through the process of buying a home. You have some idea how the entire process goes. But with a new chapter, comes a new set of rules. It helps to have a plan. Check out our guide below for second-time homebuyers!
Yes, it is possible to buy a new home before selling your current one, but it can be risky. You may end up owning two homes at once and having to cover two mortgages until you sell your current home. Alternatively, you may have to sell your current home quickly to avoid financial strain, which could result in a lower sale price.
You can still negotiate the price of a home even in a seller’s market. It’s important to do your research on comparable home prices in the area and work with your real estate agent to make a competitive offer. Other negotiation tactics may include asking the seller to cover closing costs or requesting repairs as part of the sale.
You may choose to use the same real estate agent for both buying and selling, but it’s not required. It’s important to choose a real estate agent who is experienced and knowledgeable in both buying and selling to help you navigate the process. If you feel comfortable with your current agent, they may be able to offer discounts or other incentives for using them for both transactions.
The down payment for a second home may vary depending on the lender and your financial situation. A typical down payment for a second home is 10-20% of the home’s value, but some lenders may require a higher percentage. It’s important to consider your overall financial goals and budget when deciding on a down payment amount.
If you encounter problems with your second home after the purchase, it’s important to address them as soon as possible. This may include reaching out to the seller or builder to discuss repairs or warranty options. You may also want to consider hiring a home inspector or contractor to assess any issues and provide an estimate for repairs. If the problems are significant, you may need to consult a real estate attorney for legal guidance.
Overall, buying a second home can be an exciting but challenging experience. It’s important to work with experienced professionals and do your research to make informed decisions and avoid potential pitfalls.
Book an appointment with us. Reach out now for more info! Call or text Stephanie at (617) 468-7889
Book an appointment with us. Reach out now for more info! Call or text Stephanie at (617) 468-7889
The Beacon Group is a client-driven real estate team working in Greater Boston to help clients buy, sell, and invest in real estate. We provide straightforward, analytical advice, empowering clients to make successful and informed decisions. We provide our buying clients with constructive insights, allowing them to identify the right property and enabling them to make purchase decisions with confidence. Our recommendations to both buyers and sellers are specifically crafted to meet clients’ short and long-term housing and financial goals.
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Stephanie Ford-Weems
617.468.7889
1000 Mass Ave Cambridge 02138
27 Boylston St Chestnut Hill 02467
