When is the best time of year to purchase a new home in Liverpool? With a growing business community, further investment on the horizon, and a vibrant...
When is the best time of year to purchase a new home in Liverpool?
With a growing business community, further investment on the horizon, and a vibrant cultural and social scene driving both the property sales and lettings sectors, Liverpool is an excellent choice of location for a property investment for both private landlords and owner occupiers.
At Liverpool Property Solutions, we believe that every aspect of the property purchasing process requires careful consideration and research. While factors such as location, potential rental yields and the condition of the property all play their part, timing your investment wisely also contributes towards securing a successful outcome.
With that in mind, we’ve put together this Buyers Guide to help you time your purchase to ensure maximum financial return on investment, and optimum value for money.
In general, the majority of properties come onto the market either in the spring when plans put on hold over the winter are enacted, or during the autumn when some homeowners seek to take the opportunity to sell before the festive period. However, for similar reasons spring or autumn is also when many of us begin to look for property.
This means that, while you’ll certainly find a good selection of properties on the market during these periods, you may also find that you come up against a considerable amount of competition from other prospective buyers.
To minimise this, at Liverpool Property Solutions we offer a service which utilizes our network of contacts, as well as a number of other clever techniques such as leafleting residents around your preferred location. This enables you to find your dream property outside of these peak times, without the price you pay being inflated due to competition from other interested parties.
Interests rates can change at any time, and if you can secure the best possible mortgage the long term savings will be significant. So, don’t be afraid to wait a while for a better deal. Similarly, if taken out at a time when the national interest rate is low, fixed rate mortgages offer exceptional value for money. Therefore, if you have reason to expect the baseline interest rate to rise in the near future, it could be the perfect time to invest.
It always makes sense to take your personal circumstances into account when deciding whether or not to purchase a property. It may seem like the right time, but would there be a broader selection of mortgage options available if you spent some more time saving for a deposit, or when you’ve been in your job a little longer?
Waiting until you are in a better financial position might also enable you to purchase a property which is will be more suitable should your personal circumstances change, for example if you get married or have children.
Finally, remember that property is usually a long term investment, so the benefit of purchasing the right property when it becomes available will usually outweigh any small potential savings or losses made by postponing your decision.