10 Factors to Help you Decide Where to Live in Beverley
An insight into the main factors home buyers explore when moving home
If you are looking at moving home in Beverley, you may be trying to weigh up pros and cons of an area to see whether it is the place for you! Beverley offers a variety of landscapes and areas fit for every buyer.
City vs Countryside
Whether you prefer being in the rush of the town centre where you are close to shops, transport links and places of work, or you would like to be nestled in the calm and peaceful countryside, it’s important to list out where your preferences are. These could be for your benefit of yourself e.g looking for a rural area to get away from the town centre where you may work or it could be for convenience e.g living in the town centre so you are close to transport links or commuting.
Transport links
Transport links can be key for people who need to commute and may not drive or are looking for a cheaper alternative to get about. With this in mind, it may be best to look into the type of transport links there is from Beverley like the bus and even the road links surrounding it like motorways. As well as this, it’s good to look into the costs of transport links.
School & education
In the situation where you have children or you are planning on starting a family, finding a place with a school nearby may be at the top of your agenda. We do recommend that you research the range of schools that Beverley has to offer and you will be able to see further information regarding Ofstead ratings and where the school ranks on the league table.
Facilities
Naturally, you will be listing the facilities you would like to be near whether it’s amenities you need or would like. By listing out the wants and needs, you can be able to choose your dream home if you are stuck between two options. For example, would you rather live in a property that is near a supermarket for your weekly shopping or would you want to be located near the gym?
We do find many people prefer having a shop on their route home but some would like to have a gym on their route home from work. For those with children, they may prefer to have a park nearby.
Friends & Family
One of your preferences may be that you would like to be located closer to friends and family. Through our experience as a Mortgage Broker in Beverley, one of the reasons why people may look at Moving Home in Beverley is to be near friends and family. This may be a brilliant idea if you are looking for some support nearby if you are in need or, for some, this may be for childcare.
On the other hand, you may find you move into an area within Beverley with a welcoming community who will help where they can with anything you need and you may prefer leaving further away.
Value for money
Looking for a property that is not only within your budget but is ‘good value for money’ may be important you. Keep in mind that the price range of properties does heavily depend on the area you are looking. If you’re looking for a property on the reasonable side, you may need to dismiss some of your wants.
Commuinity
This can be a prominent point for homebuyers who are moving into a new area where they don’t know anyone there meaning they may heavily rely on communicating support and spirit to settle them in. One way you can find out about the community spirit in Beverley is by asking your estate agent who will have the knowledge you need for this.
Alternatively, many communities do have Facebook groups or local websites dedicated to the community where they may promote many events, club and activities that is going on in the area and could be helpful for you if you are looking to be an active part of the community.
First Time Buyers in Beverley may move into a new build within Beverley which will mean they won’t be the only new people on the street. If you are in this situation, it’s important to build a community with your fellow neighbours.
Jobs
Another big event that can effect you moving is starting a new job or career in a different area. This may help with how far you want your property to be from home whether it be a short walk away or a 20 minute car drive,. If you are job hunting after your move, it’s important you look into what places of work there is in Beverley as well as the leading employers in the area.
Property Type
When it comes to property, that are a variety available on the market for home buyers. Your dream home may be an end-terrace with a large garden or it may be a modern, two bedroom apartment within the town. Either way, look through the types of properties on offer and see which one is the most appropriate one for you!
Investment
If you are propert hunting for a home that you will want to live in for the foreseeable future, it may best to find out any current or future investments in the area to see whether it will be impacted or benefit you. For example, a new housing development nearby may not be ideal if you are looking for a property in a quiet, rural area. Therefore, this could be a massive deciding factor for you and one that may help you weigh up your options.
Moving Home Mortgage Advice in Beverley
The Costs of Buying a Home in Beverley
Moving Home Beverley
There are a variety of things to keep in mind before moving home, one of the points being what costs are involved. Regardless of whether you have already moved home before or it’s your first time on the market, it’s good to be aware of all the costs of buying a home in Beverley.
The Costs Involved in Buying a Home
Estate Agency Fees
If you are looking to sell a property, you will need to contact an estate agent. For those who are looking at the purchase option, your dedicated Mortgage Broker in Beverley/Bank/Building Society can get this sorted for you.
The costs of estate agency fees can vary. Therefore, it’s good that you find an estate agent that is affordable and has a high level of service. Contrary to this, it’s good to go for an estate agent that may be more pricey than a cheaper one but has a better service.
Many prefer to have a tailored, simple service and are happy to pay the price for this. This does mean that they pay an additional 1-2% of your selling price. Overall, these fees are negotiable, in particular, for a seller’s market which would involve agencies who will be wanting your interest due to the lack of homes on the market.
Property Survey Fees
In the midst of your mortgage application, the lender will need to be aware of whether the property you are buying is worth the amount you are paying for it. This is achieved by carrying out a property survey. Depending on the lender, you may get this done free of charge, however, this would not include a copy of the report.
One of the benefits of approaching a Mortgage Broker in Beverley like ourselves is that we have knowledge of the types of property surveys and provide a recommendation on the best one for you. For example, if you have a property that is not in the best condition, it’s likely we will recommend a survey that is more detailed. This is to make sure that you know exactly what you are paying for and highlight any repairs that need to be done.
Through our experience providing open and honest Mortgage Advice in Beverley, we do find that upgrading a property survey is just as reasonable as what the costs for potential repairs in the future would be. Instead of only having little knowledge of your property, you could upgrade and save money in the long run.
Mortgage Arrangement Fees
It’s common for mortgages with lower interest rates will usually come with a high set-up fee. In some cases, lenders will charge you a mortgage fee for sorting out your mortgage and helping you throughout the process.
There is no average fee for this, therefore, it could any number. Each company calculate a different amount so your mortgage arrangement fee is quite difficult to average out. If you speak with a Mortgage Advisor in Beverley, they can help you through the process and find you a product that is the most appropriate for your situation. As well as this, your dedicated advisor will factor in other costs of getting a mortgage and work hard in saving you time and money.
People who are taking out a mortgage will always aim to get the lowest interest rate possible. Those who understand how interest rates work will be aware that they will rise rapidly.
Along with this, lenders can also add an arrangement fee to your mortgage. If you are in this situation, you should know that this is now a part of your mortgage so it will also start receiving interest and add up over your mortgage term.
Solicitor Fees
When it come to your mortgage application, you will need to seek the services of a solicitor to get the legal part of the process sorted. Your solicitor will look into whether the seller actually owns the property you buy, who is in charge of maintaining adjacent fences, walls etc. and check for any future developments.
These things need to confirm because it affect your ability to sell it in the future if there is something wrong with the property.
The cost of each lawyer can change and you will find some to be more expensive than others. Be sure to check if the offer includes VAT and local searches.
As a Mortgage Broker in Beverley, we strongly advise that you are wary when selecting a solicitor because not all of them work with every single lender. Our goal its to find you the best lender that you will save you time and be appropriate for your personal and financial situation.
Stamp Duty
Stamp duty is a tax that is involved when purchasing a home within a particular price range. The general rule is that you the more you will for your home, the more stamp duty tax you will receive.
You may find that the stamp duty guidelines and property price threshold can fluctuate from time to time. If you are wanting to find out whether you will have to pay it or not, you should look at the stamp duty government page.
For that are within the stamp duty bracket, you usually pay it upon completion to your solicitor. From this, they will make the payment to the government on your behalf.
Mortgage broker fees
There will be fees when you seek the services of a Mortgage Broker in Beverley. Some brokers will not charge you an upfront cost. Here at Beverleymoneyman, we offer all our customers a free mortgage appointment which they can book online at a time and date that suits them.
The amount you will need to pay is usually a percentage of what the lender pays the broker for the work they do on their behalf. You may find that a mortgage broker will only charge upon mortgage success and you receive an offer.
Removal Fees
The experience of moving home is known to be stressful so it’s good to try and reach out for support in some aspects of the process. For example, have you thought about how you will transfer your furniture and household belongings between properties?
Hiring a removal van can cost a bit more but will be a great help to you when it comes to the moving process. They are experienced in this so will be able to move everything from your previous property to the new one.
Moving Home Advice in Beverley
If you are looking to obtain Moving Home Advice in Beverley or First Time Buyer Mortgage Advice in Beverely, contact our team today. Alternatively, book online for your free mortgage appointment to speak with an expert Mortgage Advisor in Beverley.
Reviews
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Rishi Sunak’s second Budget as Chancellor brought two pieces of welcome news for the property sector as the Government attempts to transform “Generation Rent” into “Generation Buy” to help stimulate the UK economy, namely the new 95% Mortgage Guarantee and an extension of the Stamp Duty Holiday.
95% Mortgage Guarantee
The name of this scheme is misleading as not everyone that applies is guaranteed to be offered a mortgage, it is still subject to affordability and credit score. The “guarantee” itself is that the Government will ensure Lenders don’t stand a loss if they grant a 95% mortgage to a customer who then subsequently falls into arrears and is repossessed leaving behind negative equity.
This scheme should in theory give Lenders more confidence to lend even though the applicant only has a smaller deposit to put down. Of course, Lenders never want to repossess someone’s home unless it is the last resort, but if that happens then the new scheme would cover any shortfall.
Lenders have been worried about the prospect of home values decreasing so this measure should alleviate that concern although of course, the chances of negative equity occurring will naturally reduce should property prices increase as a result of these announcements!
The scheme is available to both 1st Time Buyers and Home Movers, it’s available on any property (not just new build) and will run until December 2022. Some major High Street Banks have already signed up to the scheme and it’s likely more will follow later on. It’s still a big challenge for Lenders to cope with the demand they are getting for mortgages due to the difficulties training and supervising staff working from home but they will want to offer as many of these mortgages as they can.
Stamp Duty Holiday Extension
When the Stamp Duty Holiday was launched last year we all hoped life would be very much back to normal by the cut-off date of 31st March 2021 but things didn’t pan out that way as we know. Solicitors are struggling to keep up with the workload and if lots of chains had collapsed then it would have partly defeated the object of the exercise.
Therefore it was good to hear the scheme has been extended to 30th June for purchases up to £500,000 and 30th September for purchases up to £250,000.
The Government certainly sees the property sector as an area that can play a big part in our economic recovery and if you are looking to buy a home or remortgage this year please reach out and we will be happy to advise you.
