How To Find The Best New Homes Dorset
The housing market in the united kingdom has been in a state of uncertainty for the last several years. However signs are beginning to appear that the market has arrived at its lowest point with many different experts predicting small increases over the next 12 months. The most recent information from WhatHouse? showed that typical house prices have gone up by almost £5,000 in 2011. So is now a good time to purchase or should you wait a little longer? While prices are on their way up once more they are still at lower levels than July a year ago. The outlook for the rest of 2011 and early 2012 varies on whom you listen to. However most experts are of the viewpoint that the market will remain flat or see modest price rises. So if you're a first time buyer now is a great time for you to start looking. Prices are not likely to drop and there are many great deals available on new houses. If you are thinking about buying your first home or flat here are a few pointers:
Mortgage and Other Costs
The requirement for large deposits has slowed activity within the housing market significantly. With a lack of new buyers going into the market it's taking considerably longer for houses to sell. In fact the number of sales in 2010 reached an all time low. However while 10% home loan deals are still the norm there are indications that loan providers are easing their restrictions on lending a little. More 95% deals have started to appear on the market although the interest on them may be slightly higher they're still competitive. When you're saving for your first house the deposit is just one of the numerous expenses you will need to take into account. You should also think about stamp duty if the property is over a certain value, solicitor's fees and moving expenses. Buying furniture and home appliances for the home are other expenses to consider. Finally you will need to budget for bills that will be much larger than in shared accommodation or if you were living with parents. New or Used Home? Should you invest in a used or new property? With the current lack of activity in the housing market many developers find themselves with a big stock of unsold new properties on their hands. There are some great deals available on new properties with many developers reducing asking prices by as much as 10%. As well as reducing prices several developers are offering other incentives like assistance with finding a deposit, part exchange schemes and free white goods and home appliances. New build properties will also include a free 10 year warranty from the developer and are much cheaper to run and look after.
Shared Ownership
Shared ownership programmes are becoming increasingly popular for first time buyers. You take out a mortgage for the part of the house you own and pay rent on the other part to a housing organization. With time you increase the amount of the home you own. There are many shared ownership programmes in the UK with many of them directed at key workers such as medical professionals, firemen and teachers. Another choice is buying with a friend or group of friends. This might appear like an attractive option but can have its downside. Ensure that you make use of a lawyer to draw up legally binding agreements.
Find brilliant new homes Dorset online.