How to Buy a More Expensive House Than You Think You Can Afford
When you are planning to buy a house you will want to get the best one you can, but what if your budget leaves you looking at the cheap and not too impressive end of the market? It might seem as though there is no way of getting the kind of property you really want but the following tips could help you do so.
Maximise the Selling Price of Your Current Home
If you currently own a house then the price you sell it for is going to have a big impact on the amount you can spend on the new one. The good news is that there are some simple tips to get it looking good and attracting juicy offers from viewers. The first step is to check out a local show home and see how professional designers set a place up for a sale. You will almost certainly see a lot of light, neutral colours, some eye catching accessories and a good use of the available space. If you compare this to your own home you might find that a paint job and a de-cluttering campaign could make it look a lot more desirable. There is a limit to how much you can increase the selling price by in this way but every hour you spend on making it look like a show home is definitely going to be worth it.
It may also be worth you selling your current home through an online estate agent rather than a high street one, as you will likely save money this way while still getting a great service, leaving more money available for your next house purchase.
Get the Best Mortgage Deal Possible
If you’ve only looked online to see how much you could borrow on a mortgage or afford to spend on one each month, or perhaps you have only spoken to your own bank, then I would suggest you also have a free chat with a mortgage broker to see if there is a better deal out there for you. Mortgage brokers are often able to find better mortgage deals with interest rates that are much more favourable than you would find at your local bank, which could really help you to boost your budget for a new home purchase.
Look in Cheaper Areas
If you have your heart set on moving to one of the nicest neighbourhoods in town then this will come at a cost. All over the world there are cities and towns with both cheap and expensive neighbourhoods. In some cases these are so close together than an outsider wouldn’t really know the difference without consulting the property prices. In many cases there is absolutely nothing wrong with the cheaper parts of town. It may be that an area has a bad reputation because of problems in the past or it is more affordable because it is further from local facilities. It is definitely worth checking out neighbourhoods you wouldn’t normally consider and see whether there is any real reason why you wouldn’t want to live there. Areas which have recently undergone regeneration projects or which have investment planned are a particularly good bet for a good value purchase which is likely to rise in value over the years.
Most of us want to buy one of those show homes which are ready for us to enter and put down our bags in while we head off to the kitchen to make our first cup of tea there. This sounds great but it comes at a cost. As we saw in the first point, a walk in condition house which is set up to impress buyers is likely to attract more attention and get a better sale price. However, this means that by focussing on houses needing some work done on them you can make your budget go further. Modernising and repairing a rundown property isn’t an easy thing to do and you should be careful not to bite off more than you can chew here. There will be some jobs which you will be able to take on yourself but for others it may be wise to call in a professional company instead. If you need to move into it straight away then you will need at least one room which you can live in comfortably while you carry out the work that needs done. You also shouldn’t forget that this kind of work can cost a lot of money, so it could be a long time before you see the finished product, which can cause a lot of frustration and stress for everyone living there. Having said that, it will give you a great deal of satisfaction to see it finally completed.