Looking for a new home may seem daunting in these times of economic uncertainty. So, should you buy now or wait
The housing market has proven resilient over the past few years despite the backdrop of the pandemic and other dramatic world events. Yes, prices may dip, or they may not - if you want to buy a property and can afford it right now, it may be better to bite the bullet.
Property tends to rise in value over time, so you’re likely to make a profit on any long-term investment.
Ready to take the leap and buy? Here's our guide to making the adage "safe as houses" ring true even when the world seems to be a little off kilter.
Be realistic
Ask yourself what you can afford? Make a realistic budget that considers your bills and other living costs. Talk to an Independent Financial Advisor who will be able to ascertain your overall financial circumstances as well as search for the best mortgages to suit you.
Your deposit is key
As large a deposit as you can afford is best for securing the best mortgage rates and minimising your monthly repayments. Remember to set aside additional ‘buying’ costs including solicitor fees, taxes and moving expenses.
Turn detective
Do as much research as possible to geta feel for recent sale prices of similar properties. Your solicitor will be able to assist. Look on Streetview to get a feel for the locality and it’s surroundings. Visit the area in person if the property is of genuine interest to you. This will help you understand if the area works for you in terms of the local amenities and transport links.
Use the law of averages
See as many properties as you can – the more you see the more likely it is you’ll find the perfect place. Also, not only will it give you an idea of what you do and don’t like it will also give you a clear idea of what you won’t compromise on. Is a garden essential? Would you forsake a bedroom for it?
Be the early bird
Register with your local Solicitor Property Centre website (such as the ESPC or TSPC) to be alerted to suitable properties when the hit the market.
Be prepared
Get all your ducks in a row early - appoint a solicitor so that you can move quickly when you find ‘the one’. An experienced residential property lawyer can advise you on how much to offer, liaise with your lender to make sure funds are in place when needed, examine Title Deeds and complete all legal work.
Maurice Allan, Managing Director, Residential Property
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