How To Find The Best New Homes Dorset
The UK housing market has witnessed lots of ups and downs( mostly downs) during the last couple of years. However it looks like the market has finally stabilised and many areas are seeing prices climb slightly. Data released by Zoopla in July reported that typical house prices rose by about £5,000 in 2011 with the typical home in the UK now priced at £216,534. So if you’re a first time buyer is it a good time to enter the market? Whilst prices are on their way up once more they are still at lower levels than July last year. Predictions for 2011 and 2012 vary considerably according to where they come from. Overall the general consensus appears to be the market will see some modest gains but will stay fairly stable. So if you are thinking about purchasing a home I would say do it now. The cost of property is not likely to fall and while any increases might be small they will only add to the cost of buying a house. if you are entering the market for the first time here are a handful of tips to help you out.
Mortgage and Other Expenses
This is the largest obstacle for many people and one reason why the marketplace is so flat at the moment. The days of 100% or more home loans are well and truly over. Nowadays most banks and building societies want a 10% deposit to get the best deals. However more 95% deals have started to appear in the last couple of months particularly for those who have excellent credit scores. A deposit is of course not all you need to save for when you want to buy a home. There is stamp duty to pay for on many homes, solicitor’s expenses and surveyor’s fees as well. Do not forget the cost of furnishing your house and the fact you will be paying the bills on your own. This is often quite an increase in your monthly budget if you’ve been living with your parents or in shared accommodation. New or Used Home? With the lack of activity inside the housing marketplace there are lots of developers with a stock of unsold new homes on their hands. Several developers are offering some terrific deals and incentives on the properties they have to make them sell faster which can add up to 10% of the selling price. A new property will also be built to much better standards and feature a 10 year warranty. Whilst a used home may be slightly cheaper it will cost more to take care of and heat.
Shared Ownership
Shared ownership is among the best ways for many first time buyers to be able to afford their first home. You take out a mortgage for the portion of the house you own and pay rent on the other portion to a housing organization. Over time you increase the amount of the property you own. There are lots of shared ownership programmes across the country and they are often the best way to get on the property ladder especially for key workers such as nurses, teachers and police. Another option you could look at is purchasing a house with a group of your friends. While this can seem like a good idea it can be fraught with pitfalls for the unwary. Always use a solicitor to draw up agreements and ensure that everyone knows their obligations and responsibilities.
Find brilliant new homes Dorset online.