Is now a good time to buy or sell your home?
April 14th, 2022
There’s a lot going on in the world right now and you may be wondering whether now is a good time to buy or sell your home.Spring is without question the most popular season in the agency calendar and you cannot fail to have seen more and more properties hitting the market as the days go by. So, is it the right time for you?
Making the decision to move home is without doubt one of the biggest you’ll make in your lifetime and it’s important to be sure of your motivation to move before you take the plunge. The right time to buy or sell is of course impacted by the market but ultimately, it is down to you and your needs. Here are some questions to ask yourself:
Why do you want to move house?
Be very clear on this one. Really explore your motivation and once you have made the decision, you then need to detach yourself from your current home and focus on what you are looking for in your next one.
What is your budget?
Have you fully explored this aspect? Do you know what your current property is worth? Be aware that whilst we are in a ‘seller’s market’, pricing still needs to be realistic and not based on a figure you pluck from the sky. Take a look at what other properties have sold for and compare them to your own. Obtain valuations from local agents who provide evidence for their valuation and don’t just tell you what you want to hear.
And how much can you borrow? Yes, ask your bank or existing provider but the best way to secure the best deal is to seek financial advice from an independent advisor ie one who can search the whole of the market and is not tied to a particular group of lenders. This initial advice should always be FREE and even if there is a broker fee to pay upon completion, you will more often than not find that this works out less to pay over the term of the mortgage. You may be surprised how much you can borrow and an advisor will help you figure out what is best in your situation.
Do you have the money to cover the costs of moving home – estate agent and conveyancing fees, surveyors, stamp duty costs and removal fees?
These fees can add a not insignificant amount to a home move especially stamp duty which can add thousands to your costs.
Can you afford to decorate or repair a new house?
Another cost to factor in. Redecoration and unforeseen repairs. It’s a good idea to have a budget in mind for this. Think £5k for a bathroom; upwards of £10k for a kitchen; carpets/flooring; painting and decorating.
Where do you want to live?
Do you want to stay in your current locality or is a complete change on the cards? Make sure you thoroughly research the area you are interested in moving to. Does the neighbourhood have good schools and local amenities? How good are the transport links? Where do you need to commute to and where do you spend your leisure time?
Will moving house make your life any better?
Seems like a ridiculously obvious question but REALLY think about it. Talk it through with your family and friends and make sure you are making the right decision for the right reasons.
I’ve worked in property for many years and, having moved several times myself, can view the process from both a professional and personal stance. If you are thinking about moving and want to explore any of these questions with me, I’d be very happy to help.