Top Things to Think About When Buying a Home
This is a collaborative post.
While I am not lucky enough to own a home yet, it is something I aspire to do one day. Of course, buying a home for yourself is a huge thing and something that takes a lot of thought and time before you go ahead.
With that in mind here are some top things to think about when buying a home.
Affordability.
Before you do anything else, it is worth working out your costs. How much can you spend not only on the property itself but also on things like surveys, stamp duty (if applicable), solicitors and moving and of course, it is always worth trying to find a better deal.
Thinking about speaking to a mortgage advisor and broker before you go further. They will be able to give you an idea of how much you will be able to afford and will generally make the process of getting a mortgage so much easier, putting in the hard work for you, whilst also taking the time to help you understand where your money is going. If you are a first-time buyer, especially, using a mortgage advisor and broker can be one of the wisest decisions you make during this process.
Additionally, some mortgage advisors and brokers may be able to provide information about down payment assistance programs, which can be helpful for those who are struggling to save enough money for a downpayment. To check if you qualify for a down payment assistance program, speak with a mortgage advisor or broker today.
After all, it is going to be a huge waste of time looking at homes which in the end turn out to be out of your budget.
Location.
The location of the home you choose is really important. It is after all where you will end up spending most of your time, so you need to work out if it is suitable for you.
For instance, if you don’t drive, a rural home might not be the best choice for you. If you don’t like a lot of noise, then one near a busy road isn’t going to work. If you have kids then checking out the local catchment areas is a must.
Once you have narrowed down the location it is also worth driving by any house you like at different times of day to check out the environment. After all, a place can be completely different in the middle of the day, compared to the evening.
Let’s not forget the commute as well? Is the location a good match to where you work? Or does it offer good prospects for the future?
Also remember that prices vary across areas, even within the same town. So if you love one location but it’s out of your price range, then have a chat with the estate agent about places close by which might be more suitable.
Future Saleability.
While it probably isn’t something you want to think about when buying a home it is worth keeping the future saleability in mind. After all, sometimes things change and you have to move again.
If you love a house but it has been on the market for a while, it might be worth trying to find out why. It could be that it is just over priced (so offer what you think it is worth). However, it could be a bigger issue; perhaps with a lease, future plans for developments nearby which aren’t desirable or even risk of flooding.
Don’t Forget to Have the Home Surveyed.
Making sure you have money for a survey is an important part of the home buying process.
By instructing an independent surveyor you will receive a detailed report on the property you are looking to buy. This information can be helpful as it will highlight any areas of concern that the surveyor may find with the home, this may mean additional costs you may not have factored in. You then can make a decision whether you still want to buy the home or renegotiate the price.
The report could also ease your mind over those hairline cracks which definitely don’t mean the house is going to fall down. Put it this way – it definitely won’t be an expense that you regret.
Layout and Space.
It can be hard to imagine a house as your home, especially when it is empty or full of another person’s belongings. However, it is worth trying to imagine yourself within the space, both now and in the future.
Does it have room for you to grow within? For instance, an extra room might one day become a room of a hobby or if a pandemic hits, your room to work from home.
Is there lots of storage? Or room to bring in storage? Are there multiple bathrooms, how many bedrooms and what the layout of the kitchen is like might all be important issues for you as well.
Of course, these are just a few ideas for things to think about when buying your home, however, I hope it has helped you onto the right path.
What is your must-do when buying a new home?
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Location was the first thing we considered when we bought our forever home.
Valuable and helpful tips as always. Sarah.
It is a must isn’t it – you want to be somewhere that really works for you (sometimes I think the middle of nowhere would suit me best).
I would like to buy a home!
I didn’t particularly like my first home but I spent the same amount of mortgage as I would have done in rent of a better, bigger house. When I came to sell five years later the house price had stayed the same but I had so much capital. I used that capital and credit history to buy a house I love. Start small and build up slowly, play the long game.
Great tips, truly believe location is the most important thing as you can alter a house, but you need great amenities and a good location
Definitely, location can really make a house a home when you feel at peace there.
These are truly great tips! I believe that future saleability is one that is taken for granted by many. I recently just learned about it in an investing seminar and it just totally makes sense.
Definitely, I think it’s something none of us really think about, we just look for something in the right now.
We would only move again if the house was older with more character. Our house suits are needs right now.
It is great you have somewhere which really suits you.
Lots of good tips – it is easy to rush into the wrong decision!
Definitely – you need to try and think things over and make the right decision not a quick one.
Excellent tips here. My granddaughter is trying to buy her first home and at the moment house prizes are just going up and up, but she is sensible and keeping to her budget
Good luck to your granddaughter – I really hope everything goes well with her buying her house.
Some great tips here for new or first time home owners. Location is so important to me.
Definitely, I think we all want to live somewhere, we feel comfortable and at home.
Great tips! We own a home and these are exactly the things we thought about before saying yes to one.
Aw, I hope you have a home you really love and feel comfortable in.
We still rent our home but these are some really great tips for people starting out
Perhaps one day we will both be homeowners then!
Location is one of the biggest things as generally there’s loads you can do to a house, extend etc but you can’t change where it is. Of course, affordability is very important as you don’t want to stretch yourself x
So true – I think it is something you have to put a lot thought into as well as where you can afford too.
Definitely location, survey, and space. Cost is a given because you cannot buy what you can’t afford, even though some do. Smh.
Definitely we would all love something we can’t afford but it just isn’t something we can do.
Great points. Also, doing a background check is really important. There have been cases where houses have been sold without the knowledge/ consent of the homeowners. Mostly done by some kids or relatives of the person involved simply because they were a little careless or too trusting. It’s unfathomable.
Ohh I didn’t know about background checks – I wonder if that is something we can do over here as well I’ll have to look into it thank you.
As a Real Estate Broker, I would have to agree with all of the points that you have listed above. Most especially the location of the property.
Ahh, this is good to read – I’m on the right path of thinking at least!
These are great tips! I have lived before in a place that was so disconnected from everything, I needed a car to get everywhere, even to the nearest shop. It’s so important to check the area where you want your future home to be, and see what compromises you can make. I have some things that i would not compromise on, like a decent sized kitchen and a garden, but other things that I would, like distance from the train station if there is a good parking nearby.
Definitely, it really makes a difference, we couldn’t really do without a car where we live now as its quite rural but we do have a shop close by at least.
We are thinking about buying. But I can’t handle too much stress so I have put it off. I have always been a renter. But he says it’s time to lay roots.
Ekk good luck if you do decide to go for it in the end – it can definitely be worth it!
buying a house is very stressful and it’s a big buy. you definitely need to think about it a lot. any help is valuable
Definitely, it can take time to know you are looking at the right house for you.
You hit the nail on the head, there are so many things to consider when investing in a home. For example, access to facilities, ability to get an ROI, etc.
Definitely, it is a huge buy and lots of factors to think about in the long run!
That TV property show hits the nail on the head – it really is all about Location, Location, Location! Buy into the best postcode area you can, even if means having to settle for a house that may need some interior work you hadn’t bargained for. It’s homes in these top areas that keep their price even when prices are falling in other parts of your city/town. It really is worth it in the long run.
It really is – it is amazing how much a location can make a difference to all different factors!
It’s been over 20 years since we moved in to our first home and I remember how stressful it was. luckily I think we have found our forever home so won’t need to go through that again.
That is good – I think it is an amazing thing when people find the place they want to be forever.
Thank you for sharing these great tips. I am looking to buy my first home soon, so these have helped. Thank you.
Good luck with buying your first home I hope you find the perfect place for you.
Some fabulous tips! Buying a home is seriously stressful! Even though I am not planning on moving, I still do check out homes, more ‘dream homes’, that need a lottery win. I am all for checking out an area at different times during the day and night, always a great indicator too x
Sometimes it is nice to look at homes and dream, isn’t it? I’ve found some lovely ones near me I have to admit.
I totally agree with checking the environment at different times. Some estate agents can be crafty and showing homes are specific times if there are issues that may put people off. It is something we have always done just in case.
Definitely, it can be so different from the day to night at times. They can definitely be crafty at times so you need to be careful and take things at your own pace.
Thank you for sharing your tips. I’m someone beginning to look into purchasing my first home and it’s so overwhelming. With so many considerations and options it’s difficult to narrow the search down and find the perfect property. I would never have considered thinking about potential issues with a property which has been on the market for a long time. A large garden is an absolute must for me!
Definitely, there is so much to think about isn’t there? So easy to forget something that actually really is so important.