Second Home Buyers: Tips for Upgrading Your Space

Real Estate

Thinking of buying a new home and upgrading your space? Kids getting bigger and your current house getting too crowded? Buying a new home with more space and options can be an exciting purchase for the family but also very stressful. Now you have a current home to sell while looking for a new home. What do you do first? How do you finance it or how do you plan out the move?

The Poughkeepsie Journal recently did an article on tips for upgrading your current home to a new second home. You can read the tips below:

How much can you afford?

Before hitting the housing market in search of a bigger home, buyers should determine what they can afford. It’s not only the cost of the house that matters, but also anticipated charges for utilities, maintenance, property taxes, homeowners insurance and furnishings, all of which will likely cost more than what a homeowner is currently paying for them. Consulting with a banker, accountant and/or wealth management adviser, can help buyers assess their budget for a new home.

BUYING A HOME: What features are important to you?

Open concept floorplan? More bathrooms? Three-car garage? Make a list of features and options that you would like in your new home. Then make a priority list and be sure to focus on the most important ones first. Balance your list and be realistic in terms of your budget and be prepared to make some compromises. For instance, a larger yard or a pool might be appealing, but both will require plenty of maintenance.
What are options in financing strategies?

A bigger house doesn’t only come with more space. Often, it comes with a bigger mortgage, too. From fixed and adjustable mortgages to 15- or 30-year loans, discussing options with a mortgage banker will help you to determine which mortgage product is right for you and your budget.

Buy first or sell first?

Purchasing a home first could be best for people with a pressing need to move or who are closed to the notion of renting between homes. But if the first home doesn’t sell immediately, there could be two mortgages to pay in the interim. Conversely, selling a home first gives buyers the peace of mind that their sale is behind them, so they can focus on their purchase. Talking to a real estate professional can help house-hunters determine the right path for their situation. (Right now in Austin/Metro area, houses are moving at a good pace. So contact me today for advice on getting your home prepared to sell quickly in this market! )

New construction or resale property?

Resale properties provide an established neighborhood at a lower sales price, but depending on their age and what lies behind the walls, the homes could require high — and sometimes surprisingly complicated — maintenance, especially if the house is decades-old. New constructions typically cost more up front, but they also offer the opportunity to move into a turn-key home, often with little-to-no heavy maintenance work for the first 10 to 15 years.
The country, burbs or city?

An area’s schools, proximity to kid- and family-friendly fun and commute time to work are some of the factors to look at when deciding on where to live. Other considerations include a location’s lifestyle, whether it’s the easy quiet and spacious living of the country, the sociability of family-friendly neighborhoods or the buzz of activity and easy access to cultural affairs of city life.

Regardless of the location and size of your home, planning for the purchase of a bigger house for your family will help ensure you will come away with not just a larger home, but also a better one.

Ready to jump in and get that second dream house with all of the bells and whistles? Check out my website for recent listings in the Austin/Metro area here: Cindy Crawford Homes.

Source article from the Poughkeepsie Journal you can read it here.