If you’re in a position where you’re ready to step onto the property ladder, there are probably many things running through your mind. You’ll likely be endlessly scrolling through property sites while imagining getting the keys to the house of your dreams.
You may be considering how to find a property that suits both your current needs and your potential future needs, should you decide to start or grow your own family. One aspect of property buying that everyone should strongly consider is appreciation.
It’s likely that your home will be the most expensive purchase you will ever make, so it’s vital that you choose a property that has a strong potential to increase in value. Your home is an investment, and choosing one that appreciates will give you more freedom and greater wealth further down the line. If you’re house hunting, here’s how to choose a home that will appreciate.
Location is Everything
The single most important factor for home appreciation is the location. Consider why property values in East London have soared in the past decade, far beyond anything the city’s other boroughs have witnessed. Ideally, you want a location that suits your needs but also demonstrates the potential to become a desirable area. Consider upcoming transport links or service upgrades in the area, as this will have a positive impact on future property values.
Secure the Most Affordable Mortgage Possible
No matter what size asking price you get, you’ll be investing considerably more money into your property if you stumble into a bad mortgage deal littered with hidden fees and unreasonable interest rates. You should always use a mortgage broker to secure the best deal possible. Fortunately, those of us with little time on our hands can now use online mortgage broker platforms such as Trussle to get the most affordable mortgages with minimal effort, saving the user money each month through a process simple enough to free up time for other important things.
Choose a Fixer-Upper
Among all categories of home in the UK property sector, new builds tend to fetch the highest prices by far. Ideally, we’d all like to move into a home that is brand new and ready for use, but this is a sure-fire way to pour money down the drain. Opting for a home that needs minor upgrades and renovations and doing them yourself is often much cheaper than buying a new build. Once the upgrades are completed, your home will already be worth more than what you paid for it.
Buy During the ‘Off-Season’
Many prospective homeowners are unaware of just how dramatically property prices fluctuate across the course of the year, particularly in the UK. Those looking for a home during the summer months, particularly in late summer, are likely to pay as much as 5% more for a property than if they had decided to buy in the winter. Studies have shown that demand is lower in the winter months, meaning that sellers often slash prices to attract interest. This should be used to your advantage in order to make sure you’re not unnecessarily paying more for a home.
Buying a home is an investment in your future, so you’ll want to approach this wisely. Follow these simple tips to ensure you get the most bang for your buck.