Real estate in Liverpool is divided into two types: Freehold and Leasehold. They differ in the principle of land ownership. Buying a property means if the plot and the house are owned, then it’s Freehold, and if the house or apartment is owned and the land is leased, then Leasehold. With the second option, it is periodically necessary to pay the landlord rent.
Process of buying a house
This means that landlord owns the land on which the property is located, and the owner pays landlord- “land rent”, which usually ranges from 50 to 200 pounds per month. This fee is not in any way the market value of this land plot but only reflects the fact that the property is on a land plot owned by the landlord. Most often in Leasehold are apartments in high-rise buildings.
Land rent is divided into short-term (from five to ten years) and long-term (up to 99 years). With Freehold, most often, both the house and the land are recorded in one ownership document. In the same city, the cost of houses located five minutes’ walk from each other, can be radically different. The prestige of the postal code of a building exerts a significant influence on the cost of renting a house or office.
Buying a house checklist
First of all, it is important to stipulate that the real estate market is a cyclical market (a market whose variations of rising or fall that follow over several years), but also a market that never stops. There are indeed variations of the trend within the years that we can call the “seasonal peaks”. We can observe seasons when sales volume and where prices are higher or lower than the annual average.
This is followed by periods when it is better to house buying and others where it is better to sell.
When to buy?
Here, the interest will be focused on the buyer in search of the good. The goal will be to have a maximum of the right offer and a minimum of other buyers for a minimum of competition.
The best time to buy a house is statistically winter. Indeed, it is in this period that the number of buyers is the least important. Thus demand falls, and therefore prices fall.
The best tip we can grant you is to start looking in September. Take your time and do not skimp on the negotiations, because the owners will see their visits decrease, and will tend to lower their prices. You will be able to conclude your sale in December or January when the demand will be the lowest and the lowest prices.
There is still another period to buy: the summer. School holidays are often synonymous with “rest” for buyers. On the other hand, it is much less visible in the figures.
Be careful though; it’s not because there are better times than others that you do not risk missing out on the real estate of your dreams if you focus on a particular period. On this type of purchase, everything is not always rational.
When to sell?
Here, the interest will be focused on the owner looking for buyers. The goal will be to have maximum demand and a minimum supply so that the owner can benefit from higher competition among potential buyers.
The best time to sell is spring. Indeed, this is the period in which the number of applicants is the highest. Thus, the seller can receive the most visits, but also the most offers of purchase. He will then have the advantage in the possible negotiations that will come to him and will be sure to sell his property at the best price.