Regardless of whether you’re a first-time buyer looking to get on the property ladder, you’re looking for a new home to move into, or you’re looking for a buy-to-let property to let out to tenants, there is plenty to consider when purchasing a home.
After all, buying a property is a commitment – and you want the process to be as straightforward as possible. Considering these factors before signing a contract can prevent any issues further down the line – some of which can be pretty costly.
From whether you can afford the home to whether you want to live near a main road or not, there are many questions that you should ask yourself before committing to buying a property. Read on for some of the key factors you should consider when buying a home.
Before you start looking for a property, it’s essential to determine your budget. Once you have an understanding of your budget, you can begin looking for the right property. However, don’t be deterred if your dream property is out of your price range – some sellers are open to offers which means you can ‘haggle’ with them for a price reduction.
First of all, assess what you can use for a deposit. Most lenders require a minimum 10% deposit – although you can find lenders that will accept lower deposits. Then, calculate whether you’ll be able to afford the monthly mortgage payment. Lenders will take the time to assess whether you’re eligible for a mortgage, which includes checking your income and your bank statements.
There are also other costs when buying a home – consider what furniture you’ll be able to buy. Does the home come with white goods/ integrated appliances? What about free-standing appliances? Do they look cheap?
When assessing your budget for buying a home, be sure to factor in legal fees. You will need a conveyancer to deal with the legal aspects of buying a home. You may also be required to pay other costs such as stamp duty, survey costs, search fees, insurance, tax, and paying your mortgage broker (if you decide to use one).
The Home Interior
Regardless of whether you’re buying a home to live in or to let out to tenants, you want it to look good. Once you’ve assessed your budget and ensured your finances are in order, you can begin looking for properties.
When browsing for properties, whether it be online or in-person viewings, be sure to check out the appliances, fixtures and fittings. How old does the boiler look? Do you like the interior design? What are the kitchen counters like?
Assess the built-in goods that come with the property – do you think they may need upgrading? Could you afford to upgrade these appliances?
Another thing that many people overlook when purchasing a home is power outlets. Check that there are enough power outlets in each room. If you charge your phone overnight, ensure that there are power outlets near where you’d place the bed. If you have multiple kitchen appliances (e.g microwave, air fryer, or toaster), are there enough outlets to support this?
If you love the house but not the interior, do you think it could be easily customised? These are things you should be asking yourself when viewing potential properties. It’s always best to look in person as well as online to get a better feel for the property. However, a half-hour house viewing may not present any issues – so be sure to look in detail.
If you’re purchasing a buy to let property, you should check what other landlords that own similar properties in the area are charging their tenants.
One of the main things that all people buying a home should consider is the location. Do you want a home near local amenities? Do you drive, or do you rely on transport? If you use public transport, how far away do you want the property to be from the nearest train station or bus route?
You should also consider whether you want to live near a main road. For some people, it may be convenient. However, others prefer to live further from a main road due to the noise of cars and people.
The real estate market is forever changing – so it may be worth looking to see which areas are ‘up and coming’ – are there any new developments nearby? Are the house prices in the area rising or falling? If so, conduct some research and find out why this is.
If you have a dog, are there parks nearby where you can walk it? Do you want to live in a rural area or an urban area, or a mixture of both?
If you’re buying a home to let it out to tenants, you’re flipping it to sell for a higher price, or you’re planning on buying your forever home, you want the home to have potential.
Look out for space – if you think you’ll grow your family, you may want an extension on your home in the future. If there is a garage space next to the building, you may be able to extend and add an extra living room – or extend the kitchen space. Likewise, most homes with outside space have extension potential – but be sure to seek advice before purchasing if this is something you may want to consider further down the line.
You may wish to improve the garden – but be sure to check whether the garden is big enough to improve. If your garden has little space, then there may not be much potential for improvements.
If you want to learn more about the home buying process, check out this post or contact us today for effective advice. We can guide you through the home buying process and find the best mortgage rates available to you.
Liam Coker is a highly skilled mortgage and protection specialist who delivers excellent customer service. His knowledge of the mortgage industry is key to finding the correct solution for people’s specific needs.