If you are buying a property, whether it is your first home or not, there is a lot that you need to consider.
Not only do you need to make sure your finances are right, but you need to take the time and effort to find the right property for you. It is not an easy journey, but with the right pre-planning, you should be able to find the perfect property for you. With that in mind, in this blog post, we are going to take you through everything that you need to consider when you are looking for a property. So, let’s take a look:
Make a list of everything that you want from a property
The first thing you need to do is make a list of everything that you want and need from a property. It is imperative to distinguish those must-haves from the things that would be nice to have. A lot of people start property hunting without any thought of what they are really looking for. They just walk into a property and go off their feelings as to whether the property is right or not for them. When you do this, there is a high chance you may live to regret it. That wow factor will soon wear off and you may find your property a bit of a nightmare to live in because it does not actually fulfill all of your needs.
Therefore, you need to sit down and make a list of everything that you need from a property. These should be any of the elements that you are not willing to negotiate on. For example, you may need at least three bedrooms or you may need a home that has space for an office. On the other hand, you may only want to consider homes with swimming pools when looking for the right property for you. By making a list of all of the things that you need, you can make sure that you do not consider any properties that do not fulfill your needs. You will only view properties that fulfill your brief, and this ensures that you do not end up falling in love with a property that is not right for you.
When people don’t make a list of their priorities, they end up viewing properties that are not going to be right for them in the long-term. They convince themselves that they will make it work because the love the property and its character so much. However, as time goes on, and the property is not right for them, either because it is too small or it does not have the features they need, it can be incredibly frustrating.
Think about the future
This leads onto the next point perfectly; you need to think about the future when you are looking for a property. A lot of people only think about the hear and now when they are looking to buy a home. However, it is imperative to make sure that the property you choose has the potential to be your forever home. After all, it is unlikely that you are going to want to move house in a few years, isn’t it?
Therefore, you really need to think about what you see in the near future for you and potentially your partner if that is who you are purchasing your home with. Will you start a family in the near future, for example? If so, this is something you need to consider when purchasing a property. You need to make sure that the home you choose is not only right for you now but will be right for you and your family in the future.
When thinking about the future, you should also consider the location of the property as well. Is this somewhere you can see yourself living for the foreseeable future? You want to put roots down in an area that you feel settled and that you can envision yourself living in for many years to come. There is no point in purchasing a property somewhere if you don’t imagine yourself living there for the future. When considering things like this, look at the likes of job security and whether you enjoy the area.
Get your finances right
Aside from the points that have been discussed so far, you are also going to need to get your finances right if you want to purchase a property. If you take a look online at different surveys and you ask homeowners what their biggest mistake was when purchasing a property, you can guarantee that most of them will say that they underestimated the costs that were entailed. You need to sit down and figure out all of the expenses that are going to be involved. Don’t only consider the deposit that you’re going to need to pay. You need to factor in everything. This includes everything from legal expenses to the cost of moving your furniture.
A lot of experts recommend that you add on 10 percent, at least, to the final figure.this will ensure that you account for any surprises along the way. After all, things do not always go smoothly when purchasing a property, and it is vital to give yourself a bit of a cushion when it comes to the financial side of things, as you do not want to run out of money. You could find that you end up having one month where your rent and mortgage overlap, for example, so you need to make sure that you are going to be able to cover this.
Don’t rush into purchasing a property
A lot of people rush into purchasing a property because they are so excited. While you may be overjoyed at the prospect of woning your home, it is imperative to make sure you do not rush the decision. Take the time to think things over, and never agree to something without going home and sleeping on it. This is likely to be the biggest investment you have made so far, and so it is only right that you treat it with this amount of respect and you make sure that you do not end up purchasing something that is not right for you simply because you want to get on the property ladder.
Consider the neighborhood as a whole
When you buy a property, you are buying more than bricks and cement; you are buying into a lifestyle and an entire neighborhood. It is vital that you keep this in mind when you are property hunting. Take the time to assess the neighborhood and make sure that you would be happy living there.
There are a lot of different factors to consider here. You should look into the schools in the area if you have children, you should also find out more about the local amenities and transport links, and looking into the crime rates in the area comes recommended as well.
If you can, you may want to introduce yourself to the neighbors and ask them a few questions. Of course, don’t be intrusive, but if the opportunity presents itself, this is something that you may want to take advantage of. Furthermore, you can also do a little bit of digging online to see what people have to say about living in the area. In today’s digital age, it is easier to find out information and read opinions than it ever has been. This is something that you can use to your advantage during the property search, as you will be able to do some digging to find out more about the location and what it has to offer. You can join community forums as well, which will enable you to ask questions about the area and find out everything you want to know before signing on the dotted line.
Don’t undervalue a good estate agent
Last but not least, do not undervalue the importance of choosing a good estate agent. Take the time to locate someone that has a good reputation in the industry and make sure that their fee structure is fair. The last thing you want is to end up paying over the odds for a service, which is going to eat into your budget even more. You can read reviews that have been left by people who have used the company in question before to see what they have to say about them.
So there you have it: everything you need to consider when you are looking for a property to purchase. If you carefully consider everything that has been mentioned above, you should be able to find the perfect property for you. Although it can be tempting to dive into this headfirst, make sure you take the time to find the right property for you. There is no need to rush, as there are so many properties on the market, meaning there is more than one that is going to be right for you!
Become an Harlem World Insider - Sign-Up For Our Newsletter!