How To Find The Best New Homes Birmingham
Posted on | October 19, 2011 | Comments Off
Making forecasts about the United Kingdom property is not always easy. Over the last couple of years we have seen a number of false dawns and promises of recovery that never materialised. However it finally looks like the recovery is on the way for many parts of the country. Most regions have seen small but significant price increases this year with £5,000 being added to the value of the average property. So is now a good time to buy if you are a first-time buyer? Whilst there have been some increases prices are still less than they were at the same time a year ago. The forecast for the rest of 2011 and early 2012 varies on who you listen to. Overall the general consensus seems to be that the market will see some small gains but will remain fairly stable. So if you’re thinking about investing in a home I would say do it now. Prices are not likely to drop and there are many great deals available on new houses. If you’re thinking about buying your first home or flat here are some pointers:
Mortgage and Other Costs
This is the greatest obstacle for most people and one reason why the marketplace is so flat right now. The days of lenders being ready to give 100% home loans are gone. Nowadays most financial institutions and building societies want a 10% deposit to get the best deals. However more 95% deals have started to appear in the last few months particularly for people with excellent credit ratings .. When you’re saving for your home there are many other costs you need to think about as well as the deposit. There is stamp duty to pay on many homes, solicitor’s fees and surveyor’s fees as well. Don’t forget the cost of furnishing your home and the fact you will be paying the bills by yourself. This can be quite an increase in your monthly budget if you’ve been living with your parents or in shared accommodation. New or Used Home? Should you purchase a new or used property? With the current lack of activity in the housing market many developers find themselves with a big stock of unsold new properties on their hands. You can get some terrific deals on new houses with many developers lowering asking prices considerably. Many developers are also offering incentives such as free white goods or assistance with finding a deposit. In general new houses are also less expensive to run and will come with a 10 year manufacturer’s warranty.
Shared Ownership
Shared ownership schemes have become a lot more common in recent times. They allow people to buy a share in a home that they otherwise would not be able to afford . A mortgage is paid on the part of the property you own and rent to a housing organization that owns the other share. You can increase the share of the property you own over time so that eventually you can own 100% of it. Joining a shared ownership plan means that you don’t need to save for years to get a huge deposit and you can get on the property ladder much quicker. Another option you could consider is purchasing a home with a group of your friends. This might seem like an attractive choice but can have its downside. Always use a lawyer to draw up agreements and ensure that everyone knows their obligations and responsibilities.
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