How To Find The Best New Homes Cornwall
The housing industry in the UK has been in a state of uncertainty for the last few years. However signs are beginning to appear that the market has reached its lowest point with many experts predicting small increases within the next 12 months. The most recent information from the property website Zoopla showed that the cost of the average home in the united kingdom increased by £5,000 in the 6 months to July. So if you’re a first time buyer is it a good time to enter the market? While there have been some increases prices are still less than they were at the same time a year ago. The outlook for the rest of 2011 and early 2012 varies on whom you listen to. Overall the general consensus seems to be the market will see some small increases but will stay fairly stable. So if you’re thinking of investing in a home I’d say do it now. Prices are unlikely to drop and there are many excellent deals available on new homes. If you are thinking of buying your first home in the near future here are a couple of quick tips to help you out.
Mortgage and Other Costs
Saving a deposit is among the biggest hurdles for most people and one reason why the housing industry has been flat for the last few years. The days of 100% or higher mortgages are well and truly finished. These days most financial institutions and building societies demand a 10% deposit to obtain the best deals. However more 95% deals have started to appear during the last few months particularly for people with excellent credit ratings. Obviously there are a number of other things you need to save and plan for as well as a deposit. On some homes depending on price you will have to pay stamp duty . You must also budget for solicitor and surveyor’s fees and also land registry costs. Do not forget the cost of furnishing your home and the fact you will be paying the bills on your own. This can come as a shock if you have been living ina shared property or with parents. New or Used Home? With the housing industry still flat developers are desperate to sell new build homes. Many developers are offering some great deals and incentives on the homes they have to help them sell quicker which can add up to 10% from the asking price. New houses today are built to fantastic standards and will come with a 10 year warranty for complete peace of mind. While a used home may be a little cheaper it’ll cost you much more to maintain and heat.
Shared Ownership
Shared ownership programmes are becoming increasingly popular for first time buyers. You take out a home loan for the portion of the house you own and pay rent on the other part to a housing association. With time you increase the amount of the home you own. There are many shared ownership schemes in the United Kingdom with many of them geared towards key workers like nurses, firemen and teachers. Another choice is buying with a friend or group of friends. This may seem like an attractive choice but can have its downside. Always use a solicitor to draw up agreements to make sure that everyone knows their duties and responsibilities.
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