With the buoyant property market, many homeowners will be thinking about how they can make the next move up the property ladder or even just get a foot on it. Yet finding, buying and moving house is one of the most stressful key stages in our life. And with new regulations potentially affecting mortgage applications, how can homebuyers ease the pain? Here Anne Cadman, Midlands Sales Director from Bloor Homes gives some top tips.
Think about your finances early on, and I don’t just mean saving up extra money in addition to any equity you may have in your current home. The recent mortgage review means the way you manage your money each month will be scrutinised. So get into good habits now and perhaps demonstrate you can afford that bigger mortgage by saving extra each month.
Easing the pain of the chain. Our research shows that nearly one in five of you would consider buying a new build home because there is no chain to worry about. So look at all ages of property and investigate assisted purchase services and part exchange, which some new build developers offer. This means you can stay settled in the comfort of your old home until your new one is ready.
Location, location. It’s really important that you maintain a sense of what’s important to you when you’re looking for your new home. It can be very easy to be swayed in different directions when looking online. Our research found that location is still the key factor when looking for a new home so have a clear picture where you want to live and limit your search area to just a few miles radius.
Peace of mind. How do you know the house of your dreams isn’t about to cost you a fortune to maintain? A survey can only go so far in highlighting any potential problem areas. When purchasing a new build home, 95% of homeowners say that the NHBC/LABC warranty is a deciding factor in their reason to buy new with the reputation of the house builder (95%) also key. Now, you can’t say that every home comes with a 10 year warranty.
Ask for help. We all have aspirations of the kind of home we dream of living in one day and we all hope that that dream will become a reality. However, help is at hand if you need some assistance. The government’s Help to Buy scheme is still going strong and in fact, we’ve sold nearly 600 homes around the UK to homeowners using the scheme. What’s more, Bloor Money Watch can help you build up your savings in order to provide the necessary deposit for the home of your dreams.
For more information on Bloor Homes and the support available, please visit www.bloorhomes.com or call 01827 302000.