Buying in the New Year

The new year for many means new goals, whether it’s re-starting that gym membership, drinking more water, or getting more sleep. For some people, it even kick-starts their motivation to buy a home.

If buying your first property, or moving home, is on your to-do list this year, the new year can be a great time to take this big step. In this short blog, we look at what you need to consider as you plan and prepare for your home-buying journey.

Why is the new year a good time to start?

Those who list their property to sell in the early part of the year are often more motivated and serious about selling, which can mean fairer pricing and less competition. With competition usually being lower than in spring and summer months, this can mean less pressure and more time to make those big decisions.

Clear goals

Before you can think about looking at property listing sites or going for viewings, you need to be clear about what you want from your new home. Have you considered:

• The area you'd like to move to
• Your budget
• Is this your home for life?
• What are your absolute musts for the new house, and where can you compromise?

Preparation

The new year is a great time to review your finances, regardless of buying a house, but you’ll need to know your budget and affordability if you are looking to buy. How long this takes really depends on your savings and paperwork readiness.

To be prepared, it’s a good idea to:

• Have a deposit (around 5-20% of the purchase price)
• Look at and improve your credit score if needed
• Consider other costs involved (stamp duty, solicitor fees, survey, etc.
• Speak to a broker about current mortgage rates, repayments, and how much you can borrow

Understand the market

It can be useful to do your research within the area you’re looking to buy in. Look at average prices, the duration properties stay on the market, and any local trends. As above, you’ll want to know about mortgage rates and repayments to ensure what you are looking at is affordable for you.

Be ready, but don’t rush

Buying a home is one of life’s biggest decisions; therefore, you don’t want to rush into buying the wrong one. However, if the right property comes along, you want to ensure you’re prepared to move forward with it.

It’s also important to think long-term. Thinking a few years ahead and considering any possible changes, such as changes in your career or a growing family, can save you the stress and money of moving again in the near future.

A fresh start

Purchasing a property, whether you’re a first-time buyer or you’re looking to move house, is not just a big financial decision; it’s an emotional one and a big milestone.

It’s essential to begin the journey being prepared and having realistic expectations to start this new chapter.

For free mortgage advice, don’t hesitate to get in touch with our expert brokers at Mortgage Required: 01628 507477.