Should you keep on renting a buy a property? This is one of the biggest decisions anyone will face in their life. It’s important to take all the relevant factors into consideration. Owning a property can be a substantial investment, but there are many things to weigh when making your decision.
Here are 6 essential considerations to contemplate when purchasing your new home:
The Location Of The Property
When looking for a new home, it’s important to think about the location. If you have children, you may want to be near excellent schools or close to family and friends. For those who commute to work, being near public transport links or having easy access to major roads is often a priority.
If you believe in a religion, it may be important for you to live close to a place of worship, such as a church. Though, while living close to a church might be great for a Christian, they might yet still have to contribute to the maintenance payments of the church and take out chancel repair insurance.
The location of your new home will also affect its value, so it’s worth doing some research into areas that are growing in popularity or have been earmarked for regeneration projects. These areas often offer good potential for future capital growth if your intent is to rent out to tenants.
The Size Of The Property
An important factor to consider when purchasing a new home is how much space the house offers. If you have a growing family, you may need more bedrooms and a larger living area than if you were buying a property for yourself. It’s important to think about the future when making your decision, as you don’t want to outgrow your home too quickly and have to move again.
If you wish to carry out renovation work in the future, you will need to make sure that there is enough space to do so. It can be costly and time-consuming to extend an existing property, so it may be worth choosing one that already has the extra space you need.
Type Of House Style
When you start your search for a new home, you may have a specific type of house in mind. Perhaps you have always wanted to live on a detached property, or maybe you prefer the cosiness of a terraced house. You may also want a home with an old-fashioned thatched roof or a more modern design.
There are many types of property available on the market, so it’s important to think about which one would best suit your needs. It’s important to consider all members of your household when making your decision, as you want everyone to be happy in your new home.
How Much You Are Willing To Spend
Before you even look at properties, it’s important to set a budget for yourself. Knowing how much you can afford will help to narrow your search and prevent you from getting in over your head financially.
Work out what your monthly mortgage repayments would be and compare this against what you are currently paying in rent or earning after tax and bills if you live by yourself. Also, consider the other costs associated with owning a home, such as repairs and council taxes. If you do not take this into consideration, you may find that you cannot afford the property as much as you initially thought.
Hire A Good Estate Agent
When you look for a new home, it’s important to find a good estate agent who can help you with your search. They will have access to properties that may not be listed on the open market and can give you expert advice on the local area.
A good estate agent will also be able to negotiate on your behalf and help to push through the sale of your new home. They will often have a good relationship with local solicitors and mortgage brokers, so they can put you in touch with the right people to make your purchase as smooth as possible.
Should I get Insurance On My New Home?
You will need to make sure you are covered for buildings and contents insurance at the very least, but there are other types of cover available depending on your needs.
If you have a mortgage, your lender will often require you to take out buildings insurance as part of the agreement. This will cover the cost of repairing or rebuilding your home if fire, flooding or severe weather damage it.
There are many types of insurance available, so it’s important to research the options and find the best policy for your needs. Purchasing a new home is a big financial commitment, so it’s important to make sure you are fully protected against any unforeseen circumstances.
These are some key factors to think about prior to purchasing a new home. However, as with any major life decision, it is important to consult with professionals and do your own research in order to make the best choice for you and your family.