4 Tips for Buying a Second Home in Your Neighborhood

It’s not rare to fall in love with a neighborhood. Maybe you love the proximity to the farmer’s market where you regularly visit for fresh produce, the walking distance to the public transport, or the good school where your kids are studying. Either way, you just don’t want to live anywhere else.

But, sometimes you have to move out because your rental lease has been expired or you need to upgrade from a starter home. Check these tips to see how to find out a suitable home without leaving your favorite neighborhood:

Do Local Networking

As you’ve already known the area like the back of your hand, you can have the edge while tapping into the local networking. Spread the words through your neighbors and acquaintances that you are looking for a house. Thus, you may be able to get the scoop on homes that are not yet on the market.

Ask Your Agents

The best way to grab a reasonable deal on a property it to go through the off-market and pocket listings. Your agents will know if there’s any such listing for your neighborhood.

An off-market listing refers to the homes that are yet to be listed, but the agents may know about them. On the other hand, a pocket listing indicates a house that has been listed for sale, but the agents have not yet done the marketing for it. In both cases, you’ll get a chance to get to the home before the bidding war begins.

Keep Tabs on Current Market Trends

It will help you approaching a home buying deal with more confidence. Collect information about the recent sales in your neighborhood. It will help you to figure out what types of houses that are currently in demand, and more importantly, the prices of the properties. You can negotiate better once you know about the estimated value of the type of houses you are after.

Try a Home Swap

It may sound cheeky, but it works! If you’re looking to downsize, look for a family that wants a bigger home. Agents from both the parties can arrange everything, and the other party will pay you the difference in value at closing. However, don’t forget to hire a lawyer to make sure that every step complies with the local law.

Apart from the ways mentioned above, the U.S. Department of Housing and Urban Development has a program called Good Neighbor Next Door program. It allows people from particular professional backgrounds such as teaching, firefighting, etc. to buy a home in their same neighborhood at half price.