Thinking of buying a property? You’re not alone. Around 100,000 residential property transactions are completed each month in the UK, which translates to more than one million per year. So there’s no doubt about it: Britons love to buy property.
With that said, deciding to buy a property is still a huge undertaking, one that requires careful consideration. In this post, we’ll take a look at some of the key factors that you’ll need to keep in mind before electing to buy a home. Take them all on board, and you’ll be much more likely to end up with the property that’s right for your needs.
Is It Right For You?
First of all, it’s best not to automatically assume that home ownership is right for you just because everyone else is doing it! Deciding to buy a home is a major life decision that requires considerable thought. In some cases, renting property might be the better option.
You’ll know that it’s right for you if you have a stable job, have a settled lifestyle, and don’t plan on moving anywhere or radically changing your life in the next few years. If you’ve still got a yearning to see the world, then it’ll be best to do that before you buy a house. Buying property is a freeing experience to some people, but a weighted chain to others, so make sure you’re on the right side of the line before making the decision.
How Much You Can Afford
Most people like the idea of having their name on a piece of property. But people are less enthused about how much they have to spend to make it a reality.
Before going through the process of searching for a home, you’ll need to figure out how much you can realistically afford to spend on mortgage payments each month. There are plenty of mortgage calculator tools to figure it out. Remember that it’s important to prioritise affordability; just because you’re eligible for a higher mortgage amount, that doesn’t mean that you should take it. If the amount of money you’ll need to pay each month is realistic, then that’s a good sign that you can continue along the journey of becoming a property owner.
Additional Costs
Keep in mind that it’s not just the cost of the property itself that you’ll need to keep in mind, but all of the costs around the purchase. There are a host of costs that you’ll need to factor into your overall budget, including legal fees, valuation fees, house surveys, moving costs, and any repairs you need to make to the property. You might not have to meet all of these costs (some homes won’t need repairs, for instance), but in any case, you’ll need to factor in a fair amount of additional money. Remember, there are always surprise expenses when moving home!
The Type of Property You’re Looking For
And now to the fun part — the type of property that you’re looking for. This will be largely dictated by your lifestyle, and your wants/needs. There’s no shortage of options on the market, but once you take a deeper dive, you’ll likely find that the number of properties that are appropriate for your needs is fewer than you might expect. It’s best to come up with a relatively short list of ‘needs’ (for example, the number of bedrooms) and a longer list of ‘wants.’ If a property has all of your essentials and a few of the desired elements you’re looking for, then it’ll be worth taking a look.
The Local Market
Having a sense of the local market can make buying your home more straightforward. For instance, if you know that properties in a specific area tend to be snapped up quickly, then you’ll know that you’ll need to act decisively should a property that interests you appear on the market.
Understanding house value trends for the area you’re looking at can also increase your chances of getting a good deal on a property. If prices in the area tend to be moving downward, then you’ll need to factor in how that may impact the value of your property moving forward should you decide to buy. It’s also best to have a sense of the average sale price since it can let you know whether you’re overpaying for a property.
The Age of the Home
The configuration and aesthetic appeal of a property count for a lot, but remember that the age of the home is important, too. An old home can appear to have a lot of character upon initial viewing, but it’s more likely to need continual — and costly — upgrades to keep up with modern standards. A new home, on the other hand, will typically be a lot more energy efficient, which means cheaper energy bills, and you also won’t have to make any immediate repairs. It’ll be in a liveable condition as soon as you move in. Plus, since there’s no chain involved when buying a brand new house, you automatically remove one of the more stressful components of buying a home.
The Community You’re Looking For
You’re not just buying a home when you buy a property. You’re also investing in a community. As such, it’s best to look beyond the four borders of the property that you’re thinking of buying and ask yourself whether it’s a place where you can truly see yourself living. You might love the property, but if you don’t feel good about the area in which it’s located, then eventually you’ll run into issues. If you don’t know the area all that well (or at all), then be sure to spend time there before agreeing to buy a home. You’ll get a good sense of the place if you visit during different times of the day/week. Remember: a place might seem great during the daytime, but have a completely different energy once the sun goes down!
Proximity to Work
You probably didn’t need a survey to tell you that the British public doesn’t enjoy their commute. While it’s unlikely that you’ll ever enjoy travelling to and from work (at least all of the time, anyway), you can certainly increase the chances by choosing a property that makes reaching the office more straightforward. You might think that you can stomach a 3-hour daily commute to live in your dream house, but it’ll likely turn into nothing short of a nightmare after a little while, one that compromises your enjoyment of your home.
Are You Ready to Pounce?
Talking of your dream house — there’s nothing worse than finding the perfect property, and then letting it slip through your fingers. Ensuring that you’re ready to proceed with a purchase before beginning your search will ensure you’re ready to strike when you find your ideal home.
Your Patience Levels
Finally, remember that buying a property takes time, and even in the best-case scenario can present a wide range of stressful challenges. As such, it’s best to go into the process with a solid understanding that it’s going to be difficult from time to time. It might take a little while to find a property that’s suitable for your needs, and even when you do, it can be a long journey from registering your interest to moving in. Treat buying a property for what it is — a major life event — and take preventative measures to ensure the stressful elements are kept as minimal as possible.
