The pandemic might have put the housing market on hold, but there has been a flurry of activities in the Welsh housing market lately after the government announced a partial reopening of the real estate market. Several towns in Welsh have experienced a housing boom, and real estate agents are taking advantage of this in hopes to break sales records. Here are ways on how to navigate the Welsh housing boom.
- Sell First
You might be thinking of buying a new property. But before you do so, it’s a good idea to sell your existing property first. Since the Welsh housing market is moving so fast, it’s pointless to buy new property when you still have one.
Unless you are a first-time homebuyer or cash buyer, selling your property first is more financially practical since you will know ahead what your budget is for a new home. Financing your new property is also much easier because you can use the cash you receive from the sale to pay for a hefty down payment.
So take advantage of the booming housing market and negotiate a good price on your current property. Prices could drop if you wait longer to sell, so you should strike now while the market is hot.
- Quantity Surveyor
Using the services of a quantity surveyor when you purchase a property can benefit you in many ways. The surveyor will assess the value of the property, including the claimable assets inside it. Furthermore, the surveyor can provide information on the depreciation schedule, which helps you to calculate potential deductions. Check out any reputable quantity survey recruitment agencies who will be able to suggest your nearest chartered surveyor.
The services of the surveyor are also beneficial when selling your home. They will check the property for any structural damages and other potential issues that could affect the sale. With their help, you can get a better idea of the price of the property, making it easier and faster for the bank to accept your mortgage.
- First Time Buyers
There are many things that a first-time buyer should consider before buying a property in Wales. Aside from figuring out which properties you can afford, you also need to look into your credit score to make sure that you qualify for a mortgage.
Consider looking for deals from housing associations, such as “help to buy”, and “shared ownership”. These deals can help you get a lower interest on the mortgage, which saves you money. Other ways to find real estate deals in Wales is to participate in real estate clubs and to look for properties that could possibly go into foreclosure.
- Go High Spec
If you plan on selling your property in the future, you should do some work on the house to make it more marketable. Address everything that needs repair and focus on the more obvious things such as fixing broken doorknobs and applying a fresh coat of paint. Check the lighting and update your interiors. It’s 100% worth thinking about remodeling your kitchen with bespoke designs is also a great way to boost the value of your home property. You may be spending money on these things, but you’re going to earn back the money you spent once you decide to sell your property in the housing market.