A Guide for Second Steppers
Have you outgrown your first property? If you’re looking to make that next move up the property ladder, there are some important points to consider.
Property sites are often packed full of information to help first-time buyers get their foot on the property ladder. With government assistance in the form of Help to Buy, Shared Equity and Shared ownership schemes, it’s fair to say that first-time buyers have plenty of advice and incentives available to them. However, when it comes to second time buyers, the guidance is less clear. If you’re ready to move on from your first property, then consider the following to help you find your next dream home!
Why Do You Want To Move?
Lloyds Bank reveals that the average age of a second stepper is 33 years old. There are multiple reasons that a person may look to change to different accommodation at this age and of course you should expect that everyone has their own individual circumstances. Looking at your current accommodation, you may simply have outgrown the space. If your first property was a one-bed flat and you’re ready for a house with a garden, then that’s a great reason to move on. Similarly, if your personal circumstances have changed and you’re ready to live with a partner, or perhaps have a baby on the way, then of course more space will be a necessity.
Whatever the reason for your move, once you’ve decided to look elsewhere, be sure to create a list of priorities to help you find the perfect new home. These might include access to transport links, school catchment zones and living in a more desirable area.
Selling Your Home
Of course, unlike when you’re buying your first property, second-timers will also have the consideration of having a place to sell at the same time. As the amount of money you have to pay for your new home will be directly linked to how much you can raise from your current accommodation, it’s essential that you maximise its potential. Our estate agents Chadwell Heath team would recommend decluttering, painting your walls a neutral colour and fixing any obvious problem areas such as broken windowsills. These should be essential steps before you go to market. However, if you plan to tackle any largescale projects, then always seek professional advice first as you may not see a return on more expensive renovation work such as a kitchen refurbishment.
Do Your Sums
Second steppers need to be aware of the hidden costs of moving home which are more expensive than for first time buyers. As well as factoring in the cost of stamp duty, you’ll also need to pay conveyancing fees on both your sale and purchase properties. Along with marketing fees and paying for a removal firm, you’ll need to come up with an accurate figure of the cost of moving to a second home. It’s important to know exactly how much budget you have available before you start viewing properties, otherwise you could end up disappointed. Speak to a specialist financial advisor to determine how much equity you have in your home, how much deposit you’ll have available and the necessary fees to account for.
Moving to a new home is all about planning and preparation. Our team are specialists in helping your move to go smoothly, so get in touch today for an informal chat about your dream second home.