For the majority of people, getting a foot on the property ladder is becoming increasingly difficult, so if you’re in a position to take the plunge it’s important to make the right decision. Buying a property can often take many months and there’s no point rushing into anything simply because you are impatient to move. As with any big financial decision there are certain factors you should take into consideration particularly when buying a new home.
Establish a realistic budget
You may think you have a good deposit saved up but many people don’t realise all the additional costs which come with buying a house. These can have an impact on the type of property you can afford to buy so it’s important to be aware of these costs before you start house hunting. Some of these expenses can include stamp duty, solicitor’s fees, mortgage arrangement fees and the valuation fee. If you are taking out a mortgage, speak to your advisor to see how much you will be able to borrow so that you have a figure in mind for when you start searching for a home.
Research your location
Location is crucial when buying a home. If you are a family you might look for amenities such as schools and parks whereas if you are a professional then good transport links might be a priority. You can also do research into the crime rates in the area or speak to someone who has a good knowledge of the area. For example, if you are buying a property in Mayfair, it would be wise to speak to a Mayfair estate agents who can give you a detailed insight into your chosen location.
Go on lots of viewings
Going on as many viewings as possible will give you a good indication of what’s available in the area in relation to your budget. It also means you won’t rush into a decision by purchasing the first house you see. It’s easy to find yourself caught up in the excitement of house hunting but remember the first house you see may not necessarily be the best.
Be patient
For most people it takes many months to find, purchase and move into their new home. Try to be patient and remember that such a big step will take longer than a few weeks. If the house is right for you then it will be worth the wait.