Looking for a House in Chelmsford? 8 Tips to Help Your Search
With the real estate market in full process of normalisation and with the mortgage tap once again open, 2018 promises to be a positive year for housing. Before you start shopping, it is advisable to read these 8 tips to successfully make one of the most important investments of your life.
8 tips to keep in mind before buying a house:
- Analyse the homes with the greatest capacity for revaluation. One recommendation is that, if the house is intended for investment, analyse the prospects for growth in the most modern and dynamic areas of the city.
- Make an extensive study to find the best credit offered by the market. Currently, some lenders are offering very favourable mortgage conditions for buyers. Seek expert mortgage advice Chelmsford brokers offer so that you can find the best mortgage to suit you.
- The monthly mortgage payment should not exceed 30% of the net income of the family. However, keep in mind that, by slightly expanding the price range of your search, you could find a much better home, which in the long run will be more comfortable and profitable in all respects.
- In the case of buying a house to make a profit through rent, it might be wise to consider a second-hand property in the centre of the city; always a popular zone for renters. Buying a home which requires some work can have some advantages also. From the possibility of redesigning the house according to your own preferences to being able to negotiate a reduction in the asking price of the property to compensate for any renovations or repair work required.
- Location is key when investing correctly. Whether it is to live, or to rent, factors such as the existence of public transport, green areas, the proximity of shops or schools will always keep your investment up.
- If the intention is to buy to rent, the best option is to invest in the same area where you reside. Otherwise, any change of tenant or issues with the property, or tenant, will involve a significantly greater time and expense to deal with.
- Analyse, in addition to the final price of the property, any common expenses, such as administration fees, etc. If these are very high, or are shared among very few neighbours, you will incur monthly payments that will make the investment significantly more expensive, and less profitable.
- Be prepared to make a quick decision - but without rushing. It is important to know the market objectively before making a decision, and be able to give a quick response when the occasion arises. Delaying, not having done adequate research, or letting the occasion pass, might ruin a good investment opportunity.