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Monthly archive for December 2020

How To Save Money When Buying A Home

How To Save Money When Buying A Home

Finances are tight for a lot of people so saving money when buy a new home is something that we all want to do. Obviously, buying a new home will never be cheap. However, and fortunately, there are ways that you can save money when buying a home.

In this blog post we have put together some of the ways you can save money when buying, without clashing with your goals and dreams for your new home.

Number of Rooms

Lots of people define their search by the number of rooms when looking to buy a home in Peterborough. However, the real trick is not to let the parameters limit your search. Some homes will have three small rooms, for example. But others may have two really large rooms which are ideal for converting into separate rooms.

When you are house hunting in Peterborough it’s important to consider the potential of the property, not just what it has now.

Location

Areas where there a good rail links or a regular bus service are often popular areas for many house hunters. This means that the prices of these homes can be higher, due to those strong transport links or good local amenities. What you really need to think about is how often you’ll need to use that rail link. For example, if it’s just once or twice a year for a trip to the theatre, it will work out cheaper to get a house without good rail links. Then you can just get a taxi to the train station when you want to go to London.

Think about up and coming areas instead. These low-cost houses could be hotspots for financial growth. Again, this about the potential of the area, not just what is there now.

Outdoor Areas

It’s always nice to have some green space outside your home, but how necessary is it for you? While you may dream of a huge garden with flower beds and bushes, is this feasible? You need to consider if you have the time to maintain the garden, so it looks beautiful all year round. If you haven’t got the time, have you got the money to hire a gardener to maintain it for you? Perhaps when you consider the work required to keep a garden looking it’s best, you realise that a smaller garden actually works better for you – and it will help you save money when buying a home in Peterborough too.

If you’re looking to save money when buying a new home in Peterborough, call our team now. We will happily talk you through the properties we have available and find the right future home for you.

Stamp Duty Holiday: Should I Buy A New House Now?

Stamp Duty Holiday: Should I Buy A New House Now?

As you will have seen in the media and in our recent blog post, the government has imposed a stamp duty holiday. This holiday will run until 31st March 2021. It means that anyone buying a property between now and the 31st March will not have to pay any stamp duty if their new home is up to the value £500,000.

If you have been toying with the idea of buying a new home for some time, then you may choose to buy a new home now. However, there are some things to consider if you are wondering if you should buy a new house in Peterborough now.

The beginning of lockdown prevented huge numbers of people from putting their properties on the market and it halted the progress of house sales for many people too. This means that there is an influx of homes in Peterborough on the market.

While this means that there are lots of houses for you to choose from, there is a downside too. Due to the stamp duty holiday lots more people are encouraged to start shopping around for a new home too. They too want to capitalise on the stamp duty saving that runs out in just a few months.

Logistically, there is no reason you can’t buy a new house now. Here at Letters Group we are open. We are offering virtual viewings or in-person viewings where social distancing is maintained. All the paperwork can be completed. Our mortgage advisors are still available for COVID-safe meetings too. Logistically, there is nothing stopping from buying a new house in Peterborough now.

One thing that you do need to consider when looking for a new home in Peterborough is that the stamp duty is only exempt on the first £500,000 of the sale price of your new home. As a house buyer you will still need to pay stamp duty on any amount over the threshold of £500,000.

The stamp duty holiday means that the stamp duty due is zero for homes up to £500,000. It is then 5% for homes between £500,0001 to £925,000. 10% stamp duty is due for homes between £925,0001 and £1.5 million. Finally, for homes £1.5 million and over the stamp duty due is 12%.

Some feel that the stamp duty holiday is unfair to those purchasing high value property. However, it is a very welcome tax relief to those that are purchasing a new home in Peterborough under the £500,000 limit.