While studies vary, data suggests that the average person ends up owning three to four different homes in their lifetime. If you’re thinking about buying a home, whether it’s your first house or a subsequent purchase, you may be wondering what to expect. Every homeownership experience is unique and there’s no telling what you’ll encounter along the way. However, most homeowners tend to report that buying their second or third home ends up being a very different experience from buying their first house. But why is this the case? It turns out there are a variety of factors at play. Below, we’ve discussed the matter in detail.
Why Buying Your First House Is Different
When you’re buying a house for the first time, everything is new and things might feel confusing at times. You’re learning about the purchase process, what to look for in a home, and how to get a loan. But when you buy a house again later in life, you know more about these things. You’ve done it before, so it’s easier. Your financial situation might be better too. Here’s a closer look at how these experiences differ:
Learning the Process
First-time buyers are learning everything from scratch. But if you buy it again, you already know how it works.
For first-time buyers, there are often special programs available that can make it easier to get a loan or require a smaller down payment than usual. People buying again often have more money saved or get money from selling their old house.
Getting a Loan
It can be harder to get a loan the first time because you haven’t owned a house before. If you’re buying again, it’s usually easier because you have a history of owning a home and making your mortgage payments on time.
Knowing What You Want
When you buy for the first time, you might focus on price and general location. Later, you might care more about the house’s specific features or what amenities the neighborhood has to offer.
Buying your first home is exciting but also stressful. When you buy again, you might not feel as nervous.
Selling Your Old Home
If you’re buying again, you might need to sell your current house first. This can make things more complicated.
Your first house might be smaller or just what you need right now. When you buy again, you might need something bigger or different, like if you have a bigger family.
Understanding the Market
If you’ve bought a house before, you probably understand the housing market better. Your second time around, you may have a better feel for when it’s a good or bad time to buy.
Contact Mortgage Solutions Financial
Whether you’re buying your first house or your fifth, Mortgage Solutions Financial is here to help you every step of the way. Call today to speak to a home loan expert.