Choosing your property

Required Reading


  


Choosing your property


All of us, naturally, hope that our property will turn out to be 'an investment' in the future. We noted earlier that buyers who have done best in the short term in the past are those who have timed their purchase just before one of the booms that have hit the property market in the last decade.

Another way of benefiting disproportionately from your property that has worked in the past has been to buy a run-down house in a run-down area and then to do up the house while, it is hoped, the area is also 'going up', becoming more fashionable, with prices rising to match.

This procedure follows the familiar principle of offering the prospect of greater reward for undergoing greater risk. Although the 1960s and to a lesser extent the 2000s saw quite a few areas clamber up the social ladder with ease, others remained obstinately run-down (no doubt wherever we live we can all bring to mind a few examples of each).

If the area that you have chosen is not one of the lucky few, then you are unlikely to profit from such a course. Indeed, in the short term you will probably not be able to get back the money that you have spent in repairing, restoring and decorating your house when you come to sell it. And in the meantime you will have had to live in an area which, for all its potential, might have little in the way of actual attractions and plenty of drawbacks.

If you want an intensive course on what sort of property and what attributes are the most valued (and therefore the most saleable) in the property market today, there is practically nothing better than to put yourself on as many estate agents' mailing lists as possible.

Of course, you will have to learn their peculiar language: 4th bedroom/study' usually means 'the little room at the top of the stairs which is too small even to get a bed in'; 'spacious patio' is a small backyard and -my current favourite -'herb garden' is a patch of earth which couldn't, by any stretch of the imagination, be called a garden.


One other thing to think about when choosing what property to buy is how you are going to decorate your house. With a full redecoration of your house it can become very costly indeed. Also if you are a first time buyer and do not have any furniture you will be required to get all of the items that you need to and it become a very expensive part in your house buying budget, especially if you want to go for beautiful and classy pieces that are available on the market today. Sometimes some shorter options can be considered in the means of getting furniture parts for some time while you get all your decorations sorted out.


After you have seen a few of these properties, compared their prices and found out how quickly -or otherwise -they sell, you will have a very accurate idea of what is a 'good buy' in property terms.


Want more informationcommercial mortgages

Questions that home-buyers ask


When people are setting out to buy their first property, the questions they are likely to be asking most urgently are: 'How can I get a mortgage?' and 'How much can I borrow?' Sections 3 and 4 aim to answer these questions in as much detail as possible.

But a website such as this can only provide the most general answers. It is not a substitute for going to talk to your local building society or bank manager to find out the prospects for yourself.

Don't feel reluctant to do this all, it's their job to talk to you. There's no need to be particularly formal about it either: you may well find that all you need to do is present yourself at the building . . .... see: Questions that home-buyers ask


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.