Whether you are looking to buy your first home or have decided that your current home no longer satisfies the needs of your family, moving home is an exciting time. Once you have made the decision that you are moving, you get to spend weeks viewing other properties, hoping to find the one that you fall in love with and instantly feel at home in. New décor, new neighbors, and a new life awaits you, so you probably can’t wait to start the search for your dream home.
Before you do, it’s a good idea to consider various things to make sure that when you do find the home you want to purchase, you are 100% sure it’s the right decision. Here are 6 things to consider when looking to buy a new home.
What is your budget?
If you don’t have a rough idea of a realistic budget, you could end up viewing properties that you can’t even afford. If you intend to take a mortgage to fund the purchase, speak to a mortgage broker who will take some details and advise you how much you can borrow. All lenders have different criteria, but the main ones are usually your age, income, debt, and details of any dependents you may have.
If you are selling a property to fund your purchase, be realistic about the selling price you may achieve and calculate the equity that you will have.
Once you have a good indication of your borrowing power and deposit, it will make it far easier to plan which homes are within your price range, and you can start making appointments to view.
What age of property are you looking for?
Many people like the idea of buying a brand-new home that no-one else has lived in. Not only do you get to choose your kitchen cabinets, tiles, and various other things, but your home will be pristine and perfect when you move in. Maintenance shouldn’t be an issue for a long while, and running costs should be far more affordable.
For others, new build properties lack charm and character and are usually quite a bit smaller than older properties. Period properties have lots of original features, are spacious, and offer a homely and welcoming feel that you would be hard pushed to equal. On the other hand, they can come with a host of problems and could cost a lot of money to maintain in the long run.
Once you have decided which you prefer, it will help to narrow your property search and will make the process easier.
How many stories do you need?
It’s worth considering whether you want a property that spans two or three levels of accommodation or a home that is all on one level. While the former is usually more popular for a growing family, the latter is becoming very popular with families as well as those who are looking for a home that they can grow old in.
Germann Country Garden Estates, for example, is a stunning development offering a selection of beautiful one-story homes for sale in Chandler, Arizona. Not only are there are a wide range of different floor plans to choose from, but many can also be extended and adapted to suit the purchaser’s needs.
A family home doesn’t need to be of 2 or 3 tier construction, so bear that in mind before ruling anything out.
What size of property do you need?
You have to think ahead when making this decision. If, for example, it’s just you and your partner at the moment, you may think that a small 1-bedroom home will be more than sufficient. You must, however, consider that circumstances can change. Are you likely to have a family in the near future, or is it possible that you may have lots of family staying over regularly and you will need a spare room?
Unless you want to move again in a few years, consider the size of home you will need in the long term rather than basing it solely on your current set up.
It’s not only the house that you need to consider when buying a new home. The garden space is also important and, for some, may even be a deal-breaker. If, for example, you enjoy gardening, growing fruit and veg, or relaxing outside regularly, you will more than likely want a home with a good-sized rear garden.
It’s also important to consider the way the garden faces, or you could end up making a decision that you live to regret. If you want sun in the afternoon and evenings, then a West facing garden is probably ideal. If you like the idea of having sun all day long, then a south-facing garden is what you should be on the lookout for.
Can you afford it month to month?
You may have the mortgage sorted, but you must take monthly household running costs into account to make sure it’s affordable. Depending on where you live, there may be a local council tax payment due each month, which may be linked to the value of your home.
Utility bills can vary from home to home, so find out from the sellers what they are paying as an average each quarter so you can establish whether it’s affordable. If you live in a development where there are maintainable common areas, there may be monthly communal charges associated with that too. Write everything down and be realistic about how much it is going to cost to run your home each month. It’s also a good idea to factor in a contingency so that if any one-off or unexpected bills arrive, you have the means to pay them.
It’s all very well having the picture-perfect home that you have always dreamed of, but if you can’t comfortably afford to finance it, your dream could turn into a bit of a nightmare.
Latest posts by Nirupama Verma (see all)
- Top 5 Benefits of Synthetic Liquids That You Did Not Know - December 24, 2022
- Pin up Review - September 23, 2022
- Top 10 Crypto Predictions to Watch Out For in 2022 - September 19, 2022
One thought on “6 Things to Consider when Looking to Buy a New Home”