What To Expect When You’re Moving

Buying a house is a massive decision and not something we enter into lightly, so what should you expect at this time of your life.
Take a look at what the market is like at the time you are looking to purchase. This will partly revolve around whether interest rates are in your favour or not. Also, if you time it right, you could bag yourself a good investment and see its value rise. Conversely, if you buy at the peak of the market, you may see your home lose value. However, being as the whole market will be affected in this scenario, it doesn’t actually make much practical difference as any house you will be buying will be worth proportionally less as well.

A few years ago, the building trades were booming with offices and apartment buildings going up in every other area and new builds always available, yet in the past year or two a lot of the construction sites have become derelict as there are simply not enough people looking to buy new houses in the current climate. A lot more people are renting as a way of not losing out and many people simply can’t get a mortgage as they don’t have the spare money for a deposit.

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There are a few crucial points to consider before you even start to look. One is how much you can borrow and how much you can afford to borrow for your new home, which will depend on your income or the joint amount of income you have between you and the person you are buying with. Make sure you take your current outgoings into consideration and don’t be too ambitious in terms of what you think you will be able to pay each month. Do you have a deposit and if so how much?

There are also a lot of additional charges before you have even thought about decorating and furniture and these too should be taken into consideration.
o    Stamp duty
o    Estate agent fees
o    Solicitors’ fees
o    Survey
o    Insurance

After that point, you will have to start on furnishings and fittings, decorating, utensils etc. Hopefully you will be able to gather a certain amount from generous friends and family, but there will always be more things that you need. Make sure you haven’t spent every last penny, or you will simply not enjoy having a home of your own – which is, after all, the entire point.

This article was written by Gary Lords on behalf of www.londonmortgageadvice.co.uk

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