Buying a property can be a huge undertaking that brings with it a lot of responsibility and, unfortunately, stress. Before you undertake the big commitment that is buying a property you need to make sure you make a fully informed decision. To help you get to grips with the ins and outs of property ownership then here are some of the considerations you need to make.
Probably the most important consideration you will make when it comes to buying a property is understanding your budget. You need to determine the figure that you can afford to enable you to effectively carry out your property search.
When assessing your budget here are some things you will need to consider;
- The amount of downpayment you will be required to make.
- Additional fees, taxes, and expenses associated with buying a property.
- The monthly mortgage repayments you can afford and in turn the total loan amount you are likely to be granted.
- Any repairs or renovations the property will need.
- The duration in which you intend to stay in the property. This is important as it may be worth extending your budget if you plan on this purchase being your ‘forever home’.
Reasons for purchase
Another important factor to consider is the type of property you want to purchase. Are you looking for an investment property, one that you can perhaps renovate and flip for a profit? Perhaps you want to build your own property and are looking for a suitable piece of land? Or perhaps you just want your next family home and looking at the resales available will suit your needs? Understanding your why when it comes to property purchases is vital as it will guide all of the subsequent decisions you make. It is important not to lose sight of the reasons behind your purchase to ensure you meet all of your needs.
When it comes to purchasing a property location is usually on top of the agenda. The location covers many aspects from wanting to be in a desirable area to the locality of local amenities. You need to consider the importance of having essentials and recreational activities within walking distance vs a drivable distance. You may also want to make location decisions based on the property’s proximity to local schools, hospitals, and infrastructure links. When you come across a house that you fall in love with but the location isn’t quite right be sure to think about the purchase carefully and whether it truly is right for you. You could have the best house on the market but if the location isn’t right you need to ask yourself whether you will truly be happy living there.
Together with location, the internal (and external) space that your property offers should be given due consideration. If you are not buying a furniture package with your property will your existing furniture fit into the space offered by your potential purchase? Is there sufficient storage space? Will your family be able to grow into this property and will it fit your long-term needs? When considering how much space is enough space you need to think beyond your short-term plans and look to the longer-term use of this property to be sure it does and will meet your needs.
The orientation of a house can be something that is commonly overlooked but something that is will affect your home daily. South-facing properties typically enjoy the sun and therefore the warmth and light most of the day whereas north-facing properties will only benefit from the sun in the morning. This can have a knock-on effect on the amount of natural light your house benefits from, particularly in the winter months. Equally, if having the sun in your garden in the evening is of importance to you then a north-facing property may not be the one for you. Conversely, if you are worried about over-exposure to sunshine and always seeking shade then you may want to avoid south-facing properties. The orientation of your house will come down to personal preference but is something that should be borne in mind when house hunting.
Ultimately buying a property is a very personal venture and what is important to you may not be important to someone else. To help you decide what matters and what your non-negotiables are then make a list of needs wants, and deal-breakers that take into account all of the above to make your decisions by.