IF you are still on the fence about buying a home now, or waiting until spring, then here are four
IF you are still on the fence about buying a home now, or waiting until spring, then here are four great reasons to consider starting your house hunt now:
• Prices are predicted to keep rising
House prices in the local area are predicted to rise by 23.3 per cent in the next five years, according to Romans. Plus with town regeneration and travel improvements, such as Crossrail, in place, local house values may rise even more than this.
If you know this, then there is little point in waiting to move. You will not only end up paying more for your next home but you will lose out on the equity growth.
• Mortgage rates are expected to increase
According to some experts, mortgage rates are expected to rise by six per cent, from 3.3 per cent to 3.5 per cent on average, in the next 12 months. If you need to take out a mortgage or remortgage in order to make your next move, your monthly repayments could go up the longer you wait.
• Weigh up the cost of renting versus buying
When you rent a property, some say it is like you are paying your landlord’s mortgage for them. If you are in a position where you could buy a home, think hard about the benefits of owning a property and paying your own mortgage rather than someone else’s.
However, there are benefits to both renting and owning a property, so you need to make sure you make the right decision for your circumstances.
• Is it worth waiting?
Think about your reasons you want to buy a new home in the first place. Is it really worth waiting any longer? This could be the best time for you to buy a new home, regardless of what is happening to house prices and mortgage rates.