How Your Buying Experience Changes Based on if You’ve Bought Before
When you’re looking to buy your second home, your experience can be quite different than when you were a first-time homebuyer. You’ll breeze through certain aspects you learned the first time around but you’ll find new unfamiliar obstacles along the way. To help this second time go much easier than the first, here’s what you need to know about how your buying experience changes if you’ve bought before.
You Have To Sell Your Current Home
As a first-time homebuyer, you only needed to worry about one thing – buying a home. This time around, however, you’ll also have to sell your current home to buy a new one. If you’ve never done this before it can be quite scary to put your home on the market when you’re not sure where you will be moving to. This process is an entirely different beast, and will require a solid plan if your old home sells before you find a new one. It can also help to work with an experienced agent who can coordinate closing dates will help make your move as stress free as possible.
The Market Is Always Changing
One thing’s for sure – the market is always changing. What it looked like when you bought your first home is likely quite different this time around. Fortunately, you will already have some experience reading the market so that you can make better decisions. You should also be aware that the mortgage process is always changing as well, which can either make it harder or easier for you to get a mortgage for your next home. For example, Canada has recently updated rules around lending. The lenders criteria is very different today than it was before, and it doesn’t matter how much money you’re spending, you’ll still need to pass a stress test. Even if you’ve owned before you can expect to fill out lots of mortgage paperwork and financial stability checks.
You Know Better
The things you might not have known when you purchased your first home – that you need an experienced agent and a mortgage advisor for example – you know now and won’t be making the same mistakes as before. You will also have a little experience with negotiating and making a deal, something that will come in handy this time around. With the influx of baby boomers retiring and the millenials coming of age to purchase property, competition has become fierce. If you’re buying in today’s market, you can expect to find less available supply, higher prices, and more competitive bids. You have to think fast on your feet and be ready to roll with the flow – you got this!
Technology Is Key
The biggest mistake most first-time homebuyers make is that they don’t check out all the available technology out there to shop for a home. They only read the agent’s suggestions and newspaper ads. And with all the latest advancements in technology, it’s essential to take advantage of all the apps and sites out there. Today, you can set up email alerts to notify you when a property of your specific criteria hits the market. You can also use it to find substantial research on the neighbourhoods and homes you like online, and even use VR technology to get a virtual tour. Don’t miss out on finding our perfect home because you didn’t know it existed.
At Geoff and Bobbie McGowan, we make sure our clients experience the best homebuying experience, whether it’s their first, second, or tenth time around. Because market conditions, regulations and technology are always changing, it’s important to consult with a professional. We are real estate experts that know all the ins and outs of the current conditions. Get in touch today!