It’s the most expensive thing that you’ll ever purchase (and forms part of one of life’s most stressful events), so it stands to reason that a lot of thinking needs to be invested in the house buying process.
Make a bad move and hundreds of thousands of pounds are at stake. Get it right, and you might have a home for life, as well as plenty of financial rewards if the markets are favorable.
Bearing this in mind, what should you truly consider in the house hunting process? Let’s take a look at some of the most crucial points.
Location, location, location
It’s generally accepted that the three most important factors to consider when buying a property are location, location, location.
If you’re moving to a new town or city, the location of your home will be crucial. You’ll need to weigh up local schools, transport links, amenities, and so on. It’s not just the house that needs to be considered, but the area around it.
Furthermore, don’t just think about the here and now. Some areas might be “up and coming” and while they might not have ideal amenities in the short-term, they might be on their way. This is where the opportunity cost really comes into its own.
Buying a property is one thing, but buying a property that you can actually use or develop further is something else entirely.
Take a look at local planning laws. These will help to determine whether you can build, expand, or improve your home, or whether you will be subject to various restrictions.
Always take a look at the local planning laws before you make an offer on a home.
Have one eye on timelines
We’re reluctant to talk about the dreaded C-word here, but it usually needs to be taken into account.
If you’re part of a chain, it can go on and on, and for some buyers this can result in a lot of extra expense. Sure, you may reach the end of your tenancy and use a service like SafeStore Manchester as you wait to get the keys for a few weeks, but what if things go on for years? Before you commit to any house, study the chain, and forecast just how long it is going to take you before you are able to move in.
What about the mortgage?
Think about the mortgage you’ll need to take out. Think about your budget and how much you can spend and try to keep it as low as possible. The lower the mortgage, the more likely you’ll be able to afford other outgoings such as improvements and repairs.
If things get a little too high, you could be putting your household finances under pressure for years to come. It is all very well buying the dream home, but you also need to make sure you have enough remaining financial clout to fund other elements of your life.