A Sound Strategy Could Reap Impressive Property Rewards
A fluctuating property market combined with flexible mortgage opportunities means that dream house could be more attainable than you thought
As kids we all have a vision of our dream house. For some it is the archetypal cottage with a thatched roof and a picket fence, while others might dream of a modern penthouse apartment in the thick of the action in London or Manchester.
Most of us carry those dreams, or a refinement of them, into adult life, but how many of us go on to attain them? The 21st century is an era of opportunity, and one in which there are more ways than ever of achieving our goals. The same applies to owning property, but as with anything else, it depends on good planning and a coherent strategy.
Shop smart for your finance
In days gone by, there was a set formula for attaining a mortgage, and you would hear the same old litany from one high street bank to the next. It went along the lines of a 25 year deal at a maximum of three times your household income, and you would need to put down at least 10 percent as a deposit.
Today, there is a great deal more flexibility, but it means you need to shop around carefully. The mortgage market has become far more bespoke, and it is worth talking to a specialist broker who can cater for your needs. For those seeking the house of their dreams, 900,000 pound mortgages are nothing out of the ordinary for a specialist in larger mortgages, and they will be able to come up with more opportunities than a high street bank.
Be flexible as to location
We live in an era in which fewer of us are tied to a location for work purposes than ever. Remote working is rapidly becoming the norm rather than the exception in many business sectors, and that opens up a world of opportunity. For example, in years gone by, working for a London-based employer meant either living in the commuter belt or having to tolerate the cost and inconvenience of several hours of commuting every day. But if you can work remotely some or all of the time, you can broaden your horizons considerably.
As a case in point, your dream house might be an established four-bedroom property with a double garage and an acre of garden. In the Essex commuter belt, this would cost something in the region of £1.4 million. Look a little further afield, for example in the East Midlands or the Fens, and an identical property can be yours for around £850,000.
Don’t sweat the small stuff
Your dream house has to be the way you want it. Keep that in mind when viewing, and don’t be put off by an outdated kitchen or poor internal décor. These are things you can put right at a later date, and they serve as a great bargaining tool for negotiating the price down. Best of all, buying something that has something of the “fixer upper” about it means you can take your time to bring the home exactly to your specifications. After all, the idea is to have the property of your dreams, not of somebody else’s!