Why the New Year is the Best Time to Buy, Sell or Move
Ready to take the leap you’ve been promising yourself for years? Don't want to watch another idle year pass by? There's really no time like the present, and the New Year is the perfect time to set your plans in motion.
Perhaps you want to buy or rent a new home, or you simply just want a new estate agent. Whatever you’re after, Elite Property is dedicated to helping you achieve it. Read on to explore how you can conquer your property goals in 2023.
New Year, New Start:
It’s important to explore reasons why so many people use the New Year as a starting point for new goals. There may be many different reasons that vary from person to person, but some of the most common are:
- Refreshed Engagement: The New Year brings feelings of hope and optimism
- Inspiration: A brand new year can also mean a brand-new perspective
- Plan Ahead: Being at the start of the year allows you to strategically map out your goals
Should I buy a new home in 2023?
2023 may be the best time for first-time buyers in the UK for several different reasons. Read on to explore why...
COVID is (almost) over
Due to the coronavirus pandemic and its economic impact, there has been a significant decrease in demand for property, leading to an overall dip in prices. This means that if you are looking to purchase a home at the moment, you may end up finding your dream home for much less than you expected.
More options with a larger deposit
Usually mortgages require a deposit of about 5%, but stretching this to around 10% can make you much more appealing to mortgage lenders.
Higher chance of successful negotiations
As less and less people are looking for properties, this lull in demand means buyers could potentially get better deals.
Should I rent a home in 2023?
Higher cost certainty
As mortgages and taxes can change over time depending on the market, monthly rent prices will stay the same. You know exactly what you will pay every month and won’t have any nasty surprises, allowing you more control over your finances.
Less expensive than buying
One of the main benefits of renting is it is much cheaper than buying, making it an ideal choice for property newcomers. Buying a home often comes with other costs like insurance and liability, making it much more difficult to save.
Depending on the minimum term, renting offers more freedom than buying as if you choose to move later down the line, the process is much simpler – and often cheaper. Renting also means you are not tied down to a property, allowing you to easily adapt to any changes that may come your way.
Getting a new estate agent in 2023:
2023 is the perfect time to get a new estate agent because it is the year when most of the current legislation and regulations concerning real estate transactions are due to expire. This means that any changes made to these laws will be applied right away and could improve the way in which estate agents work.
The expiration of many of these regulations in 2023 could mean that rules regarding fees, commissions, and other financial matters associated with real estate transactions will be re-evaluated. This might enable buyers, sellers, and also landlords to negotiate much better deals.
2023 offers many inspiring prospects in property, and with it being the start of this new exciting year, there has never been a better time to make those changes you’ve been sitting on.
Whether you’re looking to buy or rent, the numerous benefits to each mean that 2023 offers huge and life-changing possibilities. What are you waiting for? Contact Elite Property today for renting and buying advice in Coventry.