The UK housing market enjoyed an unexpected boom towards the end of 2020, with mortgage approvals having reached their highest level in 13 years during quarter four.
More specifically, the number of mortgages approved by lenders for home purchases leapt to 105,000 in November, against the backdrop of the ongoing stamp duty holiday and the coronavirus pandemic.
While considerations such as location, cost and the property’s precise number of bedrooms remain key when buying a new house, however, there are a host of other factors that should influence your final decision. These include:
White Goods and Existing Heating Systems
Whenever you view a property for the first time, one of your first ports of call should be the existing boiler or heating system.
For example, homes that have new or contemporary boiler systems installed are likely to reduce your living costs considerably over time, thanks to their improved levels of efficiency and longevity (newer systems occasionally come with guarantees that are well in excess of 10 years).
You can further embellish these savings by investing in bespoke boiler cover, creating an affordable safety net in the event of your heating system breaking down.
The same principle can also be applied to white goods, as investing in new and efficient appliances can reduce the cost of running your new home while simultaneously improving its long-term valuation.
The Energy Efficiency Rating
On a similar note, homes with new and high-performance heating systems tend to have enhanced energy efficiency ratings, with this important to home-owners in a number of different ways.
For example, buying a house with a high energy efficiency rating will translate into significantly lower energy bills, regardless of how you choose to heat the property. This can negate the need to invest in new windows, doors and insulation, saving huge amounts of cash on future home renovation projects.
Once again, investing in a property with a high energy efficiency rating may lead to a higher resale value over time.
After all, buyers in the contemporary market prefer energy efficient properties, particularly in an age where the cost of living continues to outstrip real wage growth and the need to live frugally is more pressing than ever before.
The Resale Value
This leads us neatly onto a property’s future resale value, as this is an important consideration if you have an eye for investment or are part of a young family that’s likely to grow significantly in the future.
In these instances, it’s worth identifying competitively priced properties in up-and-coming areas that have some form of potential with regards to renovations.
So long as you’re able to manage costs and keep the price of refurbishment below the expected profit margins, you can enhance the value of the property and guarantee a far higher resale value when the time comes to sell in the future!