The way we go about buying houses has changed dramatically in recent years. Very quickly the internet took over from the estate agents’ shop windows as our first point of enquiry. Now the next revolution in buying homes is the rise of the smartphone. Because most of us carry our phones around with us all day every day, they allow us to stay alert and informed of what is going on in the housing market wherever we are. Here are the top three apps you should download when you are looking to buy a home:
Firstly, the Rightmove app. Rightmove is currently miles ahead of all the other online property sites and probably will be for a long time. This app. allows you to filter your searches based on things like number of bedrooms, price, property type etc. You can also set it so you receive an alert when a property that fits the bill comes to market. Over the past few years, in the slow market, it hasn’t been that important to be quick off the mark, but now, as things are looking like they are picking up, being ahead of the game could give you an advantage over others.
Secondly, the Zoopla app. Like with Rightmove, you can also search properties for sale, but the feature which Zoopla offer that I find most useful is the ability to show you a history of sale prices. As a buyer, it is a daunting task to have to work out whether or not a property is on the market at a reasonable price, so any help you can get should be much welcomed. You can look at how much similar houses in the area are selling for, and if the one you are buying has been sold recently, you will know exactly how much for. You do need to use this information in addition to your other research, because it can’t take into account for example the value of any additional work that has been done to the property since it was last sold. Another example of when the figures are misleading, would be if properties had been sold at a discount to their value, to say a family member.
Finally, the loan mortgage calculator app. This asks you to input your loan amount, mortgage term and the mortgage interest rate to inform you of how much you would be paying each month. In order to find out the interest rate you will be paying, you should contact a financial adviser, because the interest rate you will pay could vary by a considerable amount. Your financial adviser will be able to give you a full quotation to show all of the costs involved with your mortgage, but this app. lets you play around with the figures, and can show you, for example how many years you can knock off your mortgage term by making overpayments. This app. has other features to help you budget for the amount you may be able to afford, but again, this shouldn’t be used in isolation, because it doesn’t take into account a lot of factors such as your credit history, your income or the size of the deposit you have available.
Kieron Bassett Financial Services has two Independent Financial Advisers who specialise in mortgages and investment advice. Contact us on (01524) 832057, via e-mail, info@kieronbassett.com, or visit www.kieronbassett.com.
Jason Hinde DipPFS
19th August 2013
“