Purchasing a new home is a huge investment and one that is not made lightly. It can seem overwhelming as you spend hours a day hunting for your dream property, which is why it is important to consider some important details as early on as possible. This will help tremendously with the house hunting and purchasing process, and significantly narrow down your options. It will also reduce the risk of pitfalls and committing to the wrong property.
Here are some top things you need to consider when purchasing a new property.
#1 Budget
What is your maximum budget? Before you set out to purchase any property, you must sit down and have a complete review of your finances. You will need to know exactly how much you can afford and are willing to spend on a property. You must also consider all the other costs that are associated with buying a property, for example, the mortgage payments and insurances. Do you also need money to furnish the property once you have purchased it? Or clean it, make renovations or repairs to it?Â
If you are looking to renovate a new property, so you can transform it into your own dream home, you instead may benefit from a house and land package which can be much more cost efficient.Â
Understanding the costs that are involved, and your maximum spending amount, you can make sure you only search and view properties within your means.
#2 Location
There are many things you need to consider when picking a location when purchasing a property. This is because you may have found a nice property, in a nice town, but does it suit your lifestyle? It is important to think about how close the property is to your work? How busy are the roads for your commute? How close is public transport? Where will your children go to school? Will you be able to see your friends and family as often as you like? Are there local amenities nearby that you can enjoy? Are the neighbors friendly? What is the crime rate like? What is the noise like at night, from local pubs and busy roads? Answering these questions will help you make the right decision.
#3 Size
When investing in a new property, it is important to consider the space that you will need now, and in the future. It can often be hard to think ahead, but if you are planning on raising a family, then you may consider a property with more than one bedroom. If you want to bring pets into the property, you will need to check there is enough outside space for them to roam around. If you are going to be working from home, is there enough space for you to set up a home office in a spare room, or the garden? How many bathrooms would you like to have?
Understanding both your wants, and your needs, before you start looking at property to purchase, can significantly help make the process much easier, and efficient in an already stressful situation. It will also help you rule out whether buying is the best option for you now, or whether you will build a home, or continue renting for the time being.