You can’t help but notice certain trends in the course of your work. For me, one such trend is that April and September are the most popular months for buying and selling homes.
Does that mean April and September are always the best months for moving? Not necessarily. For example, winter could be a good time to snap up a bargain, simply because fewer people tend to be looking. Certainly, if a seller allows potential buyers to traipse through their home during the hectic festive season, they’re more than likely open to an offer.
However, for families in particular, April and September are burgeoning property months for good reason. April not only brings a fresh sense of renewal, but parents of young children are often keen to settle into their new homes before the summer holidays. Similarly, September is popular because of the general desire to be nicely moved in before Christmas.
Children or not, many of us crave a little more home-space, the lack of which can feel painfully obvious at times. Perhaps you can’t face squishing everyone around that too-small dinner table anymore, or you need an extra bedroom (whether for a child, a home-office, a pet, or a snoring partner!).
Keen-eyed readers will spot that since we’re already in September, planning to buy or sell right now means missing out on one of the housing market’s peak months.
Yet the good news is that you’ve got plenty of time to prepare for April. You can do this by following these simple steps:
- Understand your mortgage options
- Understand your property
- Be clear about your needs
Understand your mortgage options
If you’re buying a home for the first time, you’ll need to understand how much you can afford. If you already have a mortgage, you’ll need to think about whether you’ll carry your existing deal over to the new property (if this is permitted), stay with your new lender on a new deal, or remortgage with a new lender.
How much you’ll be able to borrow for your next home is determined by two things: the equity in your current property, and how much lenders will offer against your income. The equity from your current property effectively becomes the deposit on your next one.
Having a mortgage decision in principle in place before you start looking for a new home will offer you the freedom to make a reliable offer immediately. A decision in principle means a lender has checked your information and credit file, to determine how much they might be willing to lend you for your mortgage. This shows estate agents – and sellers – that your credit score is strong enough, and your finances are in the appropriate order, to be able to make a secure offer. Because of this, your decision in principle may also help strengthen your position in a chain.
Understand your property
Have you been putting off selling your home until you’ve had the bathroom renovated, or repainted the lounge? A quick conversation with an estate agent could mean you don’t have to do that extra work in order to still sell at a good price.
Your estate agent should be able to advise how much your home will be worth on the market, both before and after you’ve completed those jobs. You’ll then have the information you need to decide if they still need doing: if they don’t, you could save yourself months of work as well as money.
Be clear about your needs
If you’re looking for a home with more space, what does “space” mean to you? It could be a bigger garden, an extra bedroom (or both), a comfortable loft, or just somewhere with the potential to move upwards or outwards.
Understanding when to sell and buy is also important. For example, sellers may prefer to list at the beginning of the Easter weekend, when a sale is likely to be quicker and there are lots of properties still available to buy. First-time buyers can usually afford to start looking after Easter, because of the time it takes for properties to filter through to the market.
Being clear about your needs means that by the time April rolls around, you’ll be able to narrow your search from the predictably wide range of options available. If you’ve also followed the ‘Understand your mortgage options’ advice above, you should also be able to swoop straight in with an offer!
If any of this advice sounds confusing, remember that for many of us, buying and selling property isn’t an everyday occurrence.
You’re not expected to know everything there is to know, and you are absolutely allowed to ask questions.
My Mortgage Angel’s award-winning customer service means we’ll tailor our expertise and advice to meet you wherever you are. So, if you would like some help preparing for your next house move, we’d love to hear from you.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances.
Recent Comments