How To Find The Best New Homes Edinburgh
Predicting how the United Kingdom property market will behave within the next 12 months isn’t easy. Over the last few years there have been a number of false dawns and claims of recovery that never materialised. However now there are signs that the market has reached its lowest level and could be on the way up once more. Most parts of the country have seen small but significant price increases this year with £5,000 being added to the value of the typical home. So if you are a first time buyer is it a good time to go into the market? Although there have been some increases prices are still lower than they were at the same time a year ago. The outlook for the rest of 2011 and early 2012 varies on who you listen to. Overall the general consensus appears to be that the market will see some modest gains but will stay fairly stable. So if you’re a first time buyer now is a great time to begin looking. The cost of housing is unlikely to fall and while any increases may be small they’ll only add to the cost of buying a house. If you are thinking about buying your first home or flat here are a few tips:
Mortgage and Other Costs
The need for big deposits by most lenders is among the main reasons for the lack of activity in the market. With a lack of new buyers going into the market it’s taking a lot longer for properties to sell. In fact the volume of sales in 2010 reached a record low. However while most lenders still reserve their best deals for people with a 10% or greater deposit there are signs of the constraints on lending reducing. More 95% deals have begun to appear on the market although the interest on them may be slightly higher they’re still competitive. When you are saving for your house there are many other costs you need to consider along with the deposit. There is stamp duty to pay on many homes, solicitor’s fees and surveyor’s fees as well. Do not forget the cost of furnishing your home and the fact you will be paying the bills by yourself. This can come as a shock if you have been living ina shared property or with parents. New or Used Home? With the housing market still flat developers are eager to sell new build houses. You’ll find some terrific discounts and incentives that can save you up to 10% of the asking price. New homes today are made to fantastic standards and will come witha 10 year guarantee for total peace of mind. Although a second hand home may be slightly cheaper it will cost more to take care of and heat.
Shared Ownership
Shared ownership schemes have become much more common in recent years. They allow people to buy a share in a property that they otherwise would not be able to afford . A mortgage is paid on the part of the property you own and rent to a housing organization that is the owner of the other share. You are able to increase the share of the property you own over time so that ultimately you are able to own 100% of it. Another option is to think about purchasing a property with a few of your close friends. This may appear like an attractive choice but can have its downside. Make sure that you use a solicitor to draw up legally binding agreements.
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