Few assets are larger, more valuable, and more complex than a home. If you’re looking to buy a new one, you’ll therefore want to think carefully. This is a purchase that most people only make a few times in our lives; getting it right means considering a range of factors. Here, we’ll look at four of these factors.
Location and lifestyle needs
A home is more than the building and the ground it sits on. It’s also a means of accessing the immediate surrounding area. As such, you’ll want to consider the location, and how it might fit in with your personal needs. If you want to go for a walk every day, looking for a nearby park might be worthwhile. If you have children who are just growing up, then you might look at the local schools. New build homes are often positioned in developments that contain all of these things, while older properties might be more out of the way.
Budgeting and mortgage options
The amount of money you have available will affect the sort of mortgage you consider. A large deposit means a more favourable loan-to-value ratio, which in turn means that lenders will be happy to provide more cash at a favourable interest rate. You can look for support, like budgeting loans, to help make the cost of moving house more affordable – but this is only offered to people who’ve been on certain benefits for a certain amount of time.
Legal checks and surveys
For your purchase to be legally binding, you’ll need to ensure that all of the relevant checks have been made, and that you don’t run into problems when it comes to the exchange of contracts. A good conveyancer won’t just oversee the paperwork – they’ll also guide you through the buying process and help you to circumvent problems. In the same way, a property survey will warn you of any structural defects, and provide you with the leverage you need to negotiate a lower price.
Planning for the future
How long do you intend to live in the property? While it’s impossible to know the future with certainty, you might pick a property that will fit not just your present needs, but the ones that might arise in the years to come. This might mean looking for a property that’s likely to appreciate in value, or that can be easily modified and extended to suit your needs, and those of your family.
