When should I buy a second home?
When it comes to buying a first home, many people simply know when the time is right. They might have just married or plan to start a family, or find they want to settle down a bit.
What can be harder is knowing when to move on from your first home and buy a second.
Making the transition from first home buyers to second home buyers needn’t be difficult, however, it just requires careful consideration of your circumstances.
Reasons to buy a second home vary widely. Some may want to have more space for a growing family, others may wish to start developing a property portfolio.
A common reason to move on from your first home is that your financial situation is stronger and you can now afford properties you couldn’t in the past.
This means you might now be able to afford properties in more desirable suburbs or in zoning areas for schools you wish your children to attend.
A mortgage broker can appraise your finances and let you know how much you can borrow to buy a second home.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.