Advice for Second Time Home Buyers

17 February 2016

There is a lot of information out there for first time buyers, but not a lot for second time, or move up buyers. This is because after going through the process once, what else do you need to know? At this point you're a buying expert, right?

For all those second, or even third time buyers, we have one word of caution or advice. Don't buy and sell on the same day. You may think that you are being smart and saving money, after all, now you don't have to carry the cost of two properties at the same time, but think again.

Sellers have until 6:00 p.m. on the closing day to move out. You could be paying for a moving van to sit loaded and then pay for overtime to unload your furniture. Lawyers have until 5:00 p.m. to register their title documents and afterwards, you still have the key exchange. This makes for a very long and stressful day.

Our advice, give yourself a week between when you buy and when you sell your properties. Bridge financing for the week is not that expensive. In fact, it's probably the cheapest cost of the move. The lender you use for your mortgage will provide this funding. Just make sure you arrange it at the time you get your mortgage. This will not only give you peace of mind and a less stressful moving day, but you may also want to take that week to add a fresh coat of paint while the property is empty.