Things to think about before Buying and Selling Property
From a property market perspective, we live in strangely contradictory times. While the level of growth in the market has risen at an exponential rate over the course of the last 18 months, for example, it remains extremely difficult for buyers (particularly first-timers) to invest in real estate while achieving value for money. The market also seems to be undermined by fragility, despite its continued growth and pivotal role as an economic engine in Great Britain.
3 Financial things to consider when buying or selling Property
This myriad of factors provides challenges to both buyers and sellers, especially in terms of optimising value and making the most of their money. With this in mind, here are three factors that potential buyer and sellers must consider when looking benefiting their finances: –
The Misleading Nature of Value
The surge is UK housing prices has been well-documented, but a rise in the nationwide average is encouraging some home-owners to inflate prices beyond what the market can bear. While the average cost of a UK home now stands at £224,242, for example, it is important to note that inflated prices in London continue to distort the national figures. Additionally, a lack of housing supply is enabling vendors to drive bidding wars, artificially increasing house prices and forcing buyers to pay over the odds. Both buyers and sellers need to be wary of this, especially if they hope to complete a quick and mutually beneficial deal.
The Importance of Location
Location is also an important consideration, especially for home-owners or buyers who wish to resell their property for a profit in the near-term. The region in which your home resides will have a huge impact on its initial value, while it will also influence its resale value both in the short and long-term future. It is therefore crucial that vendors establish a fair and well-researched price point that strikes the balance between profitability and incentive, for example, while buyers with an investment mind-set must look to purchase homes in areas that are likely to increase in value over a specified period of time. To understand this further, take a look at this article on detailing the worst places to live in the UK.
The Cost of Buying and Selling Property
Whether buying or selling a home, you will have to consider a number of financial costs and charges before completing a transaction. From surveying fees to conveyancing charges, these costs can quickly accumulate alongside the fee that is being paid to an individual estate agent. This is why those keen on improving their financial circumstances continue to partner with online estate agents and quick house sale firms, as these entities usually charge a one-off fee and maintain a simplified and transparent operation.