Buying a home is one of the biggest decisions and life stages that you’ll ever go through. Whether you’re a first time buyer getting their foot on the ladder or a second time buyer who is looking to move their way up, at Barrows & Forrester we understand that although you’ll have different needs, as a buyer all you want is for the process to be as seamless and hassle free as possible.
If you’re thinking of buying a home, we’ve put together 5 differences between you being a first time buyer and a second time buyer to explain things in more detail - we hope you find it useful.
Property and lifestyle changes
One of the biggest differences will be the type of property you want to move into. For example, a first time buyer may typically choose a 1 or 2 bed flat/house, but a second time buyer may be moving due to changes in lifestyle for example, and therefore may need more space and bedrooms for a growing family. As a result, they will not only need somewhere that is bigger in size, but they may also be choosing to move from the city to the suburbs or the countryside too.
Learn from any mistakes the first time you moved
If you are a second time buyer, it is likely that you will have learned some things from the first time you moved. For example, as part of the process you may have realised the importance of finding a reliable estate agent or solicitor, or the need to start packing as early as possible. When it comes to moving, it’s all about reducing stress wherever possible!
Equity in current house and affordability of new home
When it comes to moving up the ladder as a second time buyer, it’s likely that you will have built up some equity in your current house which you can therefore put into your new home, making it more affordable as a result. In comparison, as a first time buyer it is likely that you will be relying on your savings or from support from your family in order to buy your first place, which can make buying a home more expensive.
Stamp duty charges
Stamp duty charges will also differ depending on whether you are a first or second time buyer. Anyone buying a property that costs from £125k - £250k has to pay 2%, and over £250k to £925k you have to pay 5%. However, the good news is that if your property costs under £125k then you won’t have to pay anything at all!
More stuff to move
If you have already lived in your own home for a while, it’s likely that you will have accumulated more belongings, furniture and possessions. As a result this could prove logistically more challenging and expensive to move, and you may want to consider using a removal company to help you transport everything safely and securely. However, as a first time buyer you may only need to hire a van and rely on help from family and friends to get everything to where it needs to go.
If you are looking to buy a property, at Barrows & Forrester we are here to help. Get in touch now for expert advice on how to find the home of your dreams!