|Image credit: Alan Cleaver|
We can’t always control factors that affect the most important parts of our lives and many people find themselves moving because of a new job, rising rental costs or for personal or family reasons.
Here we take a look at what financial considerations should be made when relocating.
The most important consideration when thinking about moving to a new home is how the market will affect the transaction and whether it will work in your favour. Keeping an eye on the market should give you an idea as whether to hold off on selling and purchasing a new place or get everything finalised immediately.
Currently, the UK property market is very localised and divided. Buyers will find that prices and trends vary from area to area. This means a lot of research will be necessary if you’re to find the perfect home at a good price.
Deposit and Mortgage
If you’re buying a new home you’ll have to think about the financial responsibility of a mortgage. Mortgages are becoming much harder to get at the moment, with a deposit of around 10% of the value of the property required by most lenders. Consequently, it’s important to get your finances in place as soon as possible and work out exactly what you have in non-emergency savings to put towards the deposit.
Rent Or Buy?
If buying seems like too great a commitment at this stage or you can’t afford the mortgage costs, you may want to think about renting instead. More and more people are choosing to rent and a higher percentage are continuing to rent into older age. While this may not be a long-term solution, it does give you a much greater degree of flexibility.
Finally, there will be a small minority of people out there looking to expand their assets by choosing to invest their income in second home buying. Money Vista provides excellent services and advice to those looking for this and has a great deal of expertise in such matters. While the property market isn’t as strong as it once was, a second home can still be considered a good investment.
This post is featured post by Money Vista.