Is there a difference between a first time home purchase and the purchase of perhaps the second in a line of homes?
The answer, which may be a surprise, is ‘no’.
The mechanics of buying a home is routine and unvarying; find a down payment, arrange for financing, find a new home, make an offer, agree a price, close the transaction and move in. Hey presto.
Sure, there may be some variations from purchase to purchase, but that’s basically it.
So, you ask, why doesn’t it feel that way when you’re in the middle of your first home purchase?
Similar to driving a golf ball straight down the fairway, where you need to practice, practice, practice, until you develop the muscle memory – the process of buying your first home needs to be so familiar you don’t think about it. You need to develop that same muscle memory.
You don’t have that “muscle memory” , that confidence for house buying when buying your first place. Your second home purchase is not easier, you are just feel like it is because you have the confidence of being familiar with the process.
My own father’s confidence in buying new homes would have surpassed most peoples confidence level having purchased, I think, 10 different homes during his lifetime. Each had its own special something that made it a home rather than just a house.
So, how do you channel that confidence? Gain that muscle memory?
Simple, get help from your friendly neighbourhood mortgage broker. We have many, many home purchases under our belts. We can be the difference between having the confidence to make that perfect drive or making a wonky slice into the trees.
As always, if you have any questions, need help or would like to run through some scenarios, please call or email.