Are you tired of hearing about the pandemic? There is no denying we are living through a period that will be taught in history classes. Fortunately, the property market is well and truly back in action (touch wood). With the ability to buy and sell homes firmly back in our hands, what should you consider when buying or selling property in 2021?
Buying or selling a home is one of the most important transactions you will make. Ones property is mostly always your biggest asset. No matter if its your first or fiftieth soireé into property it can be an intimidating process with unforeseen hurdles. It does not have to be this way.
Buying a New Home in 2021
While we may sound like a broken record, doing your research is one of the essential elements to buying property and an aspect which should not be overlooked.
Mortgage Research is Critical
While we may sound like a broken record, doing your research is one of the essential elements to buying a home and an aspect which should not be overlooked.
As lovely as it would be, buying a home doesn’t automatically come with a mortgage attached when you pick up the keys. Through doing extensive research into lenders, their products, and how much you cold borrow from them, you will be left with a blueprint to carry forward when viewing homes.
If you are unsure about how this process you can secure free mortgage advice from Doorsteps today.
What do the Changes to Stamp Duty Mean to You?
For those looking to buy a house in 2021 you will be able to take advantage of the stamp duty holiday that was announced last year, up until 30th June. However, a staggered return to previous rates will continue through to 30th September 2021. During this 12-week period you won’t pay any stamp duty on the first £250,00 of the purchase price. However, until the end of June, those looking to buy a property under £500,000 will not need to pay a penny in stamp duty.
Avoid Bidding Wars
The supply and demand of property is currently high, meaning you will unlikely be the only party putting in an offer on a property. While putting in a lower offer and getting your dream home for under market value is an attractive option, it is important to realise you will be up against other potential buyers happy to stump up the asking price. Competition on buying a home is natural and is to be expected. Currently the marketplace has the potential to start a never-ending bidding war on properties which could skyrocket prices.
Selling Your Property in 2021
Before you sell your property, it is recommended you have a rough idea of how much it is worth. Obtaining a property valuation will allow you to calculate how much money you will be left with after you have paid off your mortgage (if you have one).
Get to Grips With Your finances
Understanding your finances will provide you with a clear idea of what you can afford moving forward. Especially if you have a property lined up to buy.
The price of your property is often the number one factor that will draw in buyers. Deciding the price of your property is one of the most agonising decisions you can make. No matter the state of the current market, you will need to price realistically and competitively. A clear picture of the local market and how much similar properties are selling for in the area is crucial. It’s worth getting an accurate online valuation from a reputable estate agent.
Selling With Doorsteps
You don’t need to consider selling your home alone. Doorsteps have made selling your home incredibly easy for countless customers and we can do the same for you too. Get to grips with how the selling process works and check out our FAQs for more online guidance.