5 lessons for the second-time homebuyer

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An man in a suit extends a set of keys with a For Sale sign partially visible in the background.

07/17/2015 | Author: Jaime Lee

We’ve only been homeowners for three years, but even that short time has offered my husband and me lots of lessons that we’re using as we buy our next home. These are some of the ways our perspectives have changed from being first-time homebuyers to second-timers.

Paint colors really don’t matter much. I made the mistake of not looking past cosmetic features that are easily changed, like outdated fixtures or unusual paint colors. This caused us to pass up several homes and potentially lengthened our home search.

Ask about repair work. We didn’t ask many questions about repairs and maintenance that had been completed on properties when shopping for our first home. Finding out when the roof was replaced or whether the HVAC system was still under warranty could have saved us time and money. Now we ask. 

Priorities may change. ​The criteria that lead you to your first home may not be what you seek in your next one. I initially wanted a large backyard, until I had to mow one. And we were fine buying a home that required us to join the homeowners association, but now we’d prefer a home in a neighborhood with fewer restrictions. 

Get your financing in order early. During our first home purchase, we made the mistake of starting to look for homes before getting a prequalification or preapproval letter to share with sellers. This time around, we started talking with a mortgage broker first.

Always work with a Texas REALTOR®. Just as your financial situation may have changed in the past few years, it’s possible that the housing market may have changed, too.  A Texas REALTOR® has the experience and knowledge about the current market to help you find the home that fits your needs ... and you may learn a thing or two in the process.

Categories: Buyers, Sellers, Homeowners
Tags: buyers, sellers, first-time homebuyers


Comments

Frisco home inspector on 07/24/2015

These are great points for the homebuyer. It’s amazing how many people are turned off by paint colors (easily and inexpensively remedied). And in hot real estate markets like North Dallas, it’s imperative to have financing lined up in advance—to eliminate that contingency (risk for the seller) from the offer. But getting a great Texas Realtor is the most important thing—they can advise you on these and other key factors in the home buying process.


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