First-time buyers are given plenty of help and advice when they buy their first home, but the same does not apply to those who are looking to buy their second property. To put that right, we share our 6 top tips for second-time buyers in Wimbledon.
1. Make your home easy to sell
The obvious difference between being a first-time buyer and a second-time buyer is that you have a home to sell as the second-time buyer. The amount of money you have available to spend on your new home will largely depend on how much you can get for your existing property.
To get the best possible price for your home, we would suggest:
Boost your kerb appeal – make sure the lawn is mowed and any flower bed weed-free and tidy. Perhaps freshen up the front door or window frames with a new coat of paint. If your house has a back garden, make sure it looks well-kept and is not cluttered with children’s toys or garden tools.
Declutter and clean – Make sure all the shelves and windowsills inside the house are clutter-free and all the interior paintwork is clean.
Fix up – make any small repairs necessary, there is no need to go to huge expense, just make sure your home appears well kept. There is no point in redecorating the whole house (unless of course, it is in a really dilapidated condition), as most new buyers will want to decorate their new home in a style that suits them.
2. Work out your priorities
Moving is expensive and stressful so you need to be clear about why you are moving. Has your family outgrown your present home? Are you moving home because of a career change? If you want to avoid moving for the third time, think about how your life may change again in the future and look for a home that will satisfy those needs.
When you bought your first home, you may have made compromises in a hurry to get a foot on the property ladder before house prices increased further. As a second time buyer with a property to sell, you are more protected from rising prices so you can afford to be pickier. Make a list of your requirements, separating the must-haves from the nice-to-haves. Be sure that your new home ticks all the must-have boxes.
3. Weigh up the costs of moving
Before you put your house on the market, ensure that the benefits of moving house outweigh the costs.
You will have to pay stamp duty which can be a considerable amount if you are buying a second home for a large family in Wimbledon. On a £2million property, your stamp duty bill will be £146,250 (or £138,750 if you can complete your sale before 31st March 2021). You can use the HMRC’s Stamp Duty Calculator to work out how much stamp duty you’ll have to pay on your property purchase.
Other things you should budget for are solicitor’s fees, estate agents fees, and surveying fees and removals costs. All these things add up, and you should sit down and make a list of all the costs you are liable for. Don’t get caught out by a surprise bill you have overlooked in your budget.
4. Find the right mortgage
Before you start your search for your new home, speak to your mortgage lender to see what you’re able to afford this time round. Many people are tempted to stay with their existing lender, and it certainly is worth you contacting them to see what terms they can offer you on a new loan. However, it is also worth you searching for a loan from another provider.
As a second-time buyer, your financial situation will be stronger than when you bought your first home. With luck, you will have some equity in your first home, and this will contribute towards a deposit on your new home. Your earning power will have increased over the years, and hopefully, you have a good credit rating. All these things will make you an attractive prospect to mortgage providers so shop around for the best deal you can obtain.
5. Be patient
It has been said that moving house is one of the most stressful things people do in their lifetime, and there is truth in that saying. At Robert Holmes, we know the stress you could experience when trying to sell one house while looking to buy another one.
As a second-time buyer, you are likely to have a longer chain, which increases the possibility of issues cropping up which delay proceedings. Being mentally prepared for this will help you remain patient.
6. Choose a local estate agent
Choosing an estate agent is very important and will have a big impact on how quickly you can sell your house and at what price. Read our blog for tips on choosing the best estate agent.
Here at Robert Holmes, we will give you an accurate valuation of your present home and use our expertise to help you market and sell your property. We can also help you find the ideal home in Wimbledon, offering you a wide range of houses suitable for your present and future needs.
Why not call us today and take the first step in finding your new home.