Four in five (81%) UK homeowners said buying their second home was less straightforward than expected, according to a study by David Wilson Homes.
The main problems were legal delays, chain collapses and unexpected costs.
The research found that 83% thought advice and support schemes were still aimed at first-time buyers (FTBs) rather than those moving up the ladder.
41% did not expect costs from chain delays or Stamp Duty, 37% overlooked estate agent fees from selling, 32% missed legal and conveyancing costs and 31% did not budget for removal and moving costs.
Steve Mariner, sales and marketing director at David Wilson Homes, shared advice for second-time buyers.
Mariner said: “Separate savings into two pots: one for purchase costs such as stamp duty and legal fees, and one for ongoing running costs including council tax, insurance, utilities and maintenance.
“Speaking to an independent financial adviser before committing is also recommended.”
Mariner said it is important to speak to a conveyancer early to catch any potential legal issues, clarify the chain structure, and understand planning permission before exchanging contracts.
Mariner added: “Ask a conveyancer or agent to outline who is involved in the chain, whether all parties have their mortgage arranged, and which searches or surveys are still outstanding so that any delays are less likely to come as a surprise.
“Investigate whether any planned renovations or extensions will require planning permission before exchanging contracts, and checking this with a solicitor or local planning authority early to avoid unexpected costs after moving in.”
Mariner also advised setting a realistic asking price and moving quickly through the legal process to avoid last-minute price drops.
He said: “Setting a realistic asking price from the outset reduces the likelihood of a buyer having second thoughts after a survey, while moving quickly through the legal process limits the window in which issues can arise.
“Deciding in advance the lowest acceptable offer can also help avoid making that call under pressure.”