Buying a house is a long-term investment and is not something you should do just for the sake of being on the property ladder. It is not a simple decision and there are lots of elements you need to think about. Once you decide it is the right move for you
You need to be aware of the following factors When Buying a House
First things first you need to establish your budget and what you can afford to buy. A mortgage will play a huge part in helping you buy a property. However, it is not as simple as taking out a loan and going from there. You need to be aware of the true cost of buying a house. There are valuation and legal fees, stamp duty, and surveys. This is alongside the cost of moving, buying furniture, and any repairs that might need doing. Set a realistic budget.
You will also want to think about where the house is located and how easy it will be for you to get to work. It can be a struggle between the cost of property and the length of commute. For instance, traveling from West Hampstead to St Alban’s takes just over 30 minutes. There is a difference between these property prices based on their location. This is a particular problem for Londoners. You need to ask yourself do you want to spend more money on your home or your commute.
It is not just about the distance from work to your house, but also the surrounding area. This will depend on what is important to you. If you have got kids – or are planning on having them – what are the local schools like? What would you like within walking distance? You also need to consider where your family and friends are based and how far you are willing to live away from them.
Once you have nailed your budget and the location: it is time to start looking at properties. There is a checklist you can follow, so you know you are asking the right questions. This includes thoroughly investigating each room and assessing how much work the house needs. It is not just about what you can see, but what you can smell and hear.
Buying a house is not a decision that should be rushed, and you should not settle. Take the time and research to find one you are happy with. What do you think is important to look out for when buying a house?