While there is considerable agreement that more housing needs must be filled, there is less agreement on the most effective way to do it. There is no “silver bullet,” and commentators urge for a variety of answers in several policy fields. There are calls for a housing-led recovery from the pandemic, highlighting home construction as a tested counter-cyclical investment strategy and recognising the significance of housing in the levelling-up agenda. There is more attention being paid to affordability as opposed to supply. Experts emphasise that it is not just the number built but also the balance of tenures and affordability which need to be thought through for a good housing strategy. Here are the top six recommendations by property consultants UK for buying a home in 2022 to assist anyone wanting to buy real estate in the coming year.
The best advice when seeking to purchase a property is to be ready. Research the neighbourhood and any specific streets you might be interested in living on before you start looking to buy so you don’t have to spend time doing this later. In order to get a true sense of the region and to visit at various times throughout the day, I’d also advise visiting the streets before considering buying there. Look at fresh listings every day and be extremely clear on the kind of home you’re searching for so that you can act quickly when you find something that matches. It’s also a good idea to be aware of the genuine cost of home ownership. When looking for a home, bear in mind that you won’t just need a deposit; you’ll also need to budget for expenditures like stamp duty, a home inspection, lawyers, and even your furnishings.
Look for a home during the most favourable season.
The housing market changes over the course of the year, with fewer people trying to sell their homes in the weeks leading up to Christmas and a burst of activity around the New Year typically occurring in January. In the past, spring has been a favourable time to start looking for a home because more individuals are putting their houses up for sale, which means that demand won’t be as high. We can also anticipate less urgency in the market during the spring. March may be an excellent time to start looking for a home for anyone interested because there will be less demand and urgency, which will ultimately lead to cheaper housing prices.
Get a mortgage in principle before making an offer on a house you want. This confirms how much your lender is willing to loan you to purchase a property, demonstrates to sellers that you are a serious buyer with the funds to purchase their property, and expedites the purchasing process. Additionally, having a mortgage-in-principle means you may more accurately determine what you can and cannot afford when looking for a suitable home. In order to assist you with this and determine which mortgages are ideal for you, I’d also suggest working with a mortgage broker throughout the home-buying process.
Look for homes within your price range.
The last few years have shown us that house prices are consistently at an all-time high. As a result, purchasers are increasingly finding themselves paying well above the asking price for residences; therefore, I’d advise searching for homes within your price range. If you’re interested in the property enough to submit an offer, you can do so with a greater price, giving you an advantage over other buyers. In the process, you’ll probably save a tonne of money and put yourself in the lead for the sale. Any money left over might be used to furnish the home or make modifications.
The purchase of real estate is a big issue, especially given the state of the economy today, so buyers must be able to fulfil all the criteria for their ideal home. Making the wrong choice only leads to costly blunders in the future, and no one wants to deal with the stress of making another home purchase so soon. Anyone planning to buy a property in the new year should find these suggestions helpful.