Millions of people spend time browsing properties for sale, even when they aren’t actively trying to move. A mix of curiosity and a desire to know what’s out there leads us to spend a significant proportion of time ‘window shopping’ for property. Of course, there’s always a chance that you might stumble across your dream home when you’re surveying the market.
Once you’ve found your dream home, it can be impossible to ignore it. In fact, you might find yourself scrambling to get your own property on the market so that you can make an offer. If you want to ensure you can snap up a property, take a look at these handy options you can use to ensure you never miss out on your dream home:
1. Sell to a Company
If you need to sell your home quickly, you might want to consider accepting an offer from a property company. These businesses routinely purchase properties that are in need of repair, so you won’t need to make any modifications in order to secure a sale.
However, the downside of selling to a company is that you might get a lower price than the market rate. While some homeowners are happy to take less in order to complete a sale quickly, this isn’t the right option for everyone.
2. Bridging Finance
When you want to purchase a property but you’ve yet to sell your own home, bridging finance can be a great option. As the name suggests, this type of financing acts as a bridge until the second transaction is complete. Once you’ve sold your existing property, you can use the equity to pay off the bridging loan and obtain a mortgage on your new home, for example. If you want to learn more about bridging finance, you can explore your options at Enness who are leading experts.
3. Take Out a Second Mortgage
If you already have an existing mortgaging on your current home and you want to purchase a new property, you could apply for a second mortgage. Although this seems like an easy way to facilitate another property purchase, many people struggle to secure a second mortgage.
Lenders will assess your household income and liabilities to determine whether or not your suggested repayments are viable. Even if you’re planning to sell your existing property, this won’t be factored into your mortgage application. As a result, you might find it tricky to secure a second mortgage with a competitive interest rate.
Turn Your Dream into a Reality
We all have a long list of the features we’d like our dream home to contain but, in reality, many homeowners choose to buy a property partially based on ‘gut feelings’. Once you’ve seen your dream home, you’ll know it’s where you want to live forever, so don’t let the chance pass you by. With a variety of financing options available, there are ways to finance a second property purchase and secure your forever home.