Buying a property is often one of the biggest decisions you can make in life, so it’s important to make the right choice. Christmas generally stalls the house-hunting process but now that 2014 has arrived you may be starting to think about recommencing your search. Here are a few top tips for choosing the perfect property.
Plan your budget
Once you start house hunting it’s easy to get caught up in the excitement of finding your dream home. You may love to be able to approach Mayfair estate agents or other exclusive areas but if the area is not within your budget then there’s no point in starting your search. It’s important to establish your budget before you do anything else. If you need to seek finance for your purchase, most banks will require a 10-15% deposit. You should also speak to your bank or a mortgage broker to find out how much you will be able to borrow. You need to take into account other expenses as well such as stamp duty, mortgage arrangement fees, the valuation, removal fees and the cost of furnishing or renovating your new home.
Think about the location
Location is everything when it comes to buying a home. You not only need to think about how suitable the location is for your needs (transport links, schools, local amenities etc) but also how the location may affect your property as an investment. Research up-and-coming areas which may give you a bigger return on your investment if you eventually come to sell.
Go on as many viewings as possible
Many people say that when they find their dream home they know as soon as they walk in through the door. Although house hunting can be exciting, it’s important not to rush into buying the first great house you see. Don’t feel pressurised by an estate agent telling you they’ve already had a lot of interest in the property. Move at your own pace so you can be sure you’re making the right decision.
Buying a new property can be a very fulfilling step to take but it can also be very stressful and be prepared for the fact that things might not move as quickly as you’d like. Complications can arise and you may be stuck in a chain which prevents the sale from moving forward. Remember to stay patient and make sure you go through all of the necessary protocols to ensure your sale goes through as smoothly as possible.
