As we wave happily to the end of 2009, many of us hope that the New Year will bring about positive changes, especially to the property market. A large portion of London property buyers have held back this year and have decided to wait until 2010 to purchase. Buying property is a serious investment and must not be taken lightly or acted upon too hastily. Property experts are already offering some advice on how to buy smart next year and here are a few insider tips to help you for your future property investment.
Wait and See:
If you intended on buying a Putney property or a house in Hammersmith, it is advised that the closer to the end of next year you buy, the better. There are high hopes for improved mortgage availability and a possible fall in home prices of up to 6.6 percent. Buying a property is a lengthy process, and approaching purchases with caution is not a bad thing. After the busy September/October UK property purchase season, there will be many homes left over, with owners ready to sell at affordable prices to people who are buying. In addition to this, there are usually fewer buyers looking for homes at this time, so the competition is not as stiff.
Getting all of your ducks in a row:
Before you decide to buy that 5 bed-roomed property on a two bedroom budget, make sure that you can actually buy the home that you want. By making sure that your finances are all in order as well as being realistic about what you can afford, you will be able to find a home within your means. Property analysts advise that you find a reliable mortgage broker who knows your financial limitations and will be able to help you acquire a reasonable loan for your home. You must also make sure that your credit history is spick and span first before buying a property and if it is not, getting it sorted out is a top priority.
Read the small print:
There are numerous costs that must be paid when buying a new property. According to property experts, it seems as if a 25 percent deposit is necessary in order to receive the best mortgage rates. Also, do not forget costs such as solicitor fees, stamp duty, bank transfer fees and land registry fees. All of these separate costs add up so it is important that you budget correctly for this and also leave a considerable margin in case any extra payments need to be made.
Buying property is not an easy task, especially in today’s current financial circumstances. It is important that you are fully prepared and armed with all the relevant information in order to buy a home that suits your lifestyle and your pocket.