Essential advice for novice property purchasers
In the bustling town of Lewes, Delaware, those seeking modern amenities and quick move-in availability can find solace in new constructions. These properties often offer a variety of floor plans and energy-efficient features, making them an attractive option for home buyers.
To secure a home in these new construction communities, such as Tower Hill, with favourable mortgage rates and affordable costs, here are some steps to consider:
- Research new construction home communities. Communities like Tower Hill offer modern homes with pricing starting around $734,900 and sized 2-4 bedrooms.
- Compare average home prices and price per square foot. In Lewes, the average price is approximately $639,500, with an average price per square foot ranging from around $298 to $279, depending on the community and home size.
- Work with local builders. Builders like K Hovnanian Homes often provide options for financing or can connect you with lenders offering competitive mortgage rates for their developments.
- Shop around mortgage lenders early to lock in favourable interest rates. Rates can vary based on your credit, down payment, and the loan type.
- Consider the average days on market (DOM) and timing. Homes listed longer or off-peak may offer more negotiation room, potentially improving affordability.
- Evaluate the total cost beyond price. This includes HOA fees, property taxes, insurance, and potential builder incentives which may offset costs.
- Consult local real estate agents for tailored advice on obtaining good mortgage rates and identifying affordable new homes.
Beyond these steps, it's essential to be aware of other costs associated with buying a property. These include mortgage arrangement and valuation fees, Stamp Duty, solicitor's fee, survey cost, removal costs, initial furnishing and decorating costs, and buildings insurance.
The process of buying a property involves several stages. After making an offer, the next step is arranging a solicitor and surveyor. A solicitor handles the legal work, checks for planning and local issues, and researches an appropriate value. Commissioning a survey at the earliest possible time is important to find hidden problems.
If the surveyor finds issues, the buyer can ask the seller to lower the price to the equivalent of the repair costs. Exchanging contracts with the seller confirms the purchase. A Telegraphic Transfer fee of £25 is involved in transferring the remaining money to the seller's solicitor.
For those exploring mortgage options, such as mtg wholesale lending solutions, it's crucial to find a property within budget. The guide provided here aims to assist in securing a mortgage and finding an ideal location.
Three types of surveys are available: Home condition survey (£250), Homebuyer's report (around £400), and Building or structural survey (over £600). The team at Pearson Ferrier can help with buying, selling, or renting properties, making the homeownership journey smoother.
- To ensure a comfortable lifestyle and manage personal-finance expenses, it's advisable to factor in additional costs when budgeting for a new home, such as mortgage arrangement and valuation fees, Stamp Duty, solicitor's fee, survey cost, removal costs, initial furnishing and decorating costs, and buildings insurance.
- For those planning to finance their new home-and-garden purchase, exploring mortgage options like mtg wholesale lending solutions can help secure favorable interest rates, aiding in maintaining a balanced personal-finance portfolio.
