Never Buy A Property On Impulse
4 minute read
The Sunday Times recently published its 7th Best Places to Live, employing a range of criteria from price and crime levels, to schools, transport and community spirit, as well as ideal retirement locations. For the first time it includes air quality and internet speeds, reflecting two key concerns in cities and rural locations.
It’s a reminder of how important it is to list your own priorities for sale, allowing for some flexibility, as you research the best options for your lifestyle, both at the time of purchase and into the future.
People move less frequently than a decade or so ago, so being within walking distance of bars and restaurants may be less important if you have children, when proximity to the best schools and open spaces would be preferable!
Flat or house; old or new? Do you need a garden and parking space? Leasehold or freehold?
Best Places to Live identifies that housing costs can vary significantly for similar properties just a mile or two apart.
Benefits of Buying a New Build Home
For many of us, securing a property on a new development is the easiest option. You get what you see, usually in pristine condition, although this can mean paying a ‘premium’ when comparing prices with similar established accommodation within the vicinity. Carrying a 10-year warranty, if any problems arise with brand new properties, the developer is required to respond and carry out any works without further payment. Unfortunately, recent cases have highlighted shortcomings in construction and finish by some developers, so it can be worth talking to homeowners on the site before making any commitment.
Achieving best value, including on eventual resale, can sometimes mean taking risks by exploring opportunities in less popular areas. If you spot a few skips in a road, it’s always worth stopping to chat to the builders, to find out what works they are doing; sometimes they will even let you take a look inside. If you like what you see, make a note of the contractor’s details – local authorities can usually point you to appropriate websites to verify quality and reliability, as well as advise on any Planning Consents which may be required if you decide to purchase nearby.
But, however competitively priced a neglected property may appear to be, never take on a project without a full survey and a detailed, costed, works programme, preferably taking an architect’s advice. If works are relatively superficial, rather than essential, such as replacing old fashioned bathrooms and kitchens, it is preferable to live in a property for at least six months, so you understand how you use the space – inevitably, initial ideas will change, often becoming more ambitious, which can mean planning improvements over a few years.
Sometimes, having done their research, buyers discover that their original planned purchase budget is insufficient to secure the right property to meet ambitions. This can mean either delaying a purchase to save more, or lowering expectations.
So, it is always worth seeking guidance from specialist mortgage advisors, for self-employed purchasers, contact Just Mortgage Brokers, who could be the key to making the right decision on what to purchase from the outset. By analysing your personal financial circumstances, and the best mortgage options to suit your short and medium term plans, they provide detailed explanations of the benefits or otherwise of what is available. For example, it may be possible to allow for some refurbishment within the mortgage arrangements.
They will also help with budget planning, to include stamp duty, insurance and allowances for removal expenses as well as surveying and legal fees. Our specialists will keep in touch reminding customers of new initiatives and when fixed term arrangements need to reviewing.