How To Find The Best New Homes Cardiff
The home market in the UK has seen significant price falls during the last few years. However it appears like the market has eventually stabilised and many areas are beginning to see prices climb slightly. Information released by Zoopla in July stated that typical house prices increased by about £5,000 in 2011 with the average home in the UK now costing £216,534. So is now a good time to purchase or should you wait a little longer? Although there have been some gains prices are still lower than they were at the same time last year. The forecast for the rest of 2011 and early 2012 varies on who you listen to. However many experts are of the viewpoint that the market will remain flat or see modest price increases. So if you are thinking of investing in a home I would say do it now. Prices are not likely to drop and there are many excellent deals available on new houses. If you’re thinking about buying your first house in the near future here are a handful of quick tips to help you out.
Mortgage and Other Expenses
The need for large deposits by many lenders is one of the main reasons for the lack of activity in the market. With a lack of new buyers going into the market it is taking a lot longer for homes to sell. In fact the number of sales in 2010 reached an all time low. However while most loan providers still reserve their best deals for people with a 10% or greater deposit there are signs of the restrictions on lending reducing. More 95% deals have started to appear on the market and while the interest on them may be a little higher they’re still competitive. When you are saving for your first home the deposit is just one of the many expenses you will have to think about. You must also save for stamp duty, solicitor’s and surveyor’s charges and moving costs. Furnishing your household and decoration are other costs you will have to meet. Finally it’s well worth taking the time to plan for the bills you will need to pay each month. New or Used Home? Should you buy a new or used home? With the current state of the housing marketplace there’s a large stock of new houses that developers wish to sell. There are some great deals available on new houses with lots of developers reducing asking prices by as much as 10%. In addition to reducing prices several developers are offering other incentives like help with finding a deposit, part exchange schemes and free white goods and home appliances. Generally new properties are also cheaper to run and will come with a 10 year warranty.
Shared Ownership
The popularity of shared ownership plans has grown significantly in recent times. They allow people to purchase a share in a property that they normally would be unable to afford . A mortgage is paid on the portion of the property you own and rent to a housing association that is the owner of the other share. You can increase the share of the property you own over time so that eventually you can own 100% of it. Another option you could look at is buying a house with a group of your friends. This may appear like an attractive choice but can have its downside. Ensure that you use a lawyer to draw up legally binding contracts.
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