So, you’re looking at buying your own place? Moving into your very own home is a big step. There’s a lot of things to consider, and big decisions to be made! Keep reading for some essential things to consider before you make the big move.
#1 – Where Do You Want to Live?
This is the most obvious one. But it’s often overlooked. When we think about our dream house, we forget the other details. What kind of neighborhood is it in? How far away is it from your workplace? Think about how safe you would feel living there. If you have children, you may also want to consider checking out local schools before committing.
#2 – What Is the House Like?
Sure, the rooms are spacious, and you’ve already renovated the kitchen in your head. But what characteristics does the house have? You need to assess how much work your potential new place will need. Make sure it’s up to a safe standard at the very least.
Features such as broken floorboards and poorly fitted handrails can cause injuries and cost a lot to fix. Be aware of any safety issues in the house before you sign the papers. You may also want to know how big all the rooms are. Sizes can vary when you look at pictures online. Request a few house viewings before you take it any further.
#3 – Can You Afford It?
No, we aren’t making digs at your economic situation. But this is a huge thing to consider before making a decision. Unlike renting, buying a house entails a whole host of bills. You have utilities, mortgage, outgoing payments every month and a lot more.
Circumstances can change. You may not be earning the same amount in a couple of years. Or you may have children and will need a flexible budget. Houses don’t come with price tags attached. The amount you will be paying can vary a lot. Check if you are able to pay any necessary deposits and monthly repayments.
If you are currently in arrears, confirm with your bank that they can offer you a loan if you need it. You don’t want to be struggling to find the cash for your mortgage repayment every month. Make sure you have all your finances planned carefully. It helps to budget in a little extra money, in case of emergencies.
#4 – What Do Friends and Family Think?
Nobody knows more about buying a home than a homeowner. If you have relatives, friends or coworkers who already own a house, ask them for advice. They could give you some valuable insight.
Try and take a house viewing with different friends or relatives. See what they think about the initial look and feel of the home. They might spot something that you didn’t notice. If you can’t think of anyone, get in touch with a mortgage advisor. They can, at the very least, give you a financial perspective of your future home.
A Final Thought
Now you know the main things to consider before buying your dream home! Hopefully, this article has taken the stress away just a little. Get house hunting with these invaluable tips, and you’ll be closer to moving into your new home!