For most people, buying a new home is the most expensive investment they will make in their whole life. With costs running into the hundreds of thousands (or millions if you are super-rich!), it is essential to take your time when buying a new place. This is as true for first-time buyers stepping foot onto the property ladder as it is for people who have bought a house before. Failing to take all the key things into account around finding and buying a property could lead you to making the wrong choice. With so much at stake in terms of money and your happiness, this is not a good move.
The best thing to do in order to avoid this is thinking about what crucial elements come into play in this situation, as well as making sure you have adequate home insurance. But what are the major things to think about when buying a home?
Budgeting for any decorating costs
An important thing to factor in when buying your new home is the additional cost of any decorating work you plan to carry out. Even if there is no real need to decorate in terms of condition, you will still want to put your own stamp on the new place. Make sure to think about what you might want to do on any home you buy and budget for this accordingly first. The good news is that giving your new home a smart makeover does not have to cost lots. Window shutters are a superb example of this and give a great-value way to instantly add classic style to your new property. Shutters pricing is often not as expensive as people believe, especially if you fit them yourself. Other inexpensive design ideas include using funky bean bag chairs to liven up bedrooms or putting fresh paint on the walls.
Location
The location of any property is vital when you start looking for a new home to buy. Many people fall in love with the property itself but forget to think about the area it is in. This can lead to issues down the line if it is far away from work, tricky to get to school from, or simply in a less-than-desirable part of town. If it is also far away from family and friends, then it can make living there miserable. It is therefore essential to think about where the house you plan to buy is situated before making your offer. Sensible things to check out are the commuting times, what local amenities there are, and what the crime rate is like. Extra time spent considering all these factors is sensible and will help you be happy in any new home you buy.
Is there room to grow with your family?
Another good point to consider when buying a new home is how scalable it is. While it may be you and your partner now, this could look a lot different in five years’ time when kids and/or pets come along. Buying a home that has enough space to grow with you is always wise so that you do not have to move again. Even if there are no additional bedrooms now, for example, is there at least space to extend or other rooms you could convert? It is also wise to think about the outside space you need with this in mind. Children and pets love having space to run around outside in, and thinking about this when buying a new home is wise.
Legal fees to cover
As well as budgeting for any decorating costs after moving in, you need to have some spare money to cover conveyancing fees beforehand. These are basically legal fees that you have to pay on top of the sale price to complete the purchase. While they are painful, they are also unavoidable! These fees include stamp duty (if applicable), mortgage arrangement fees, survey costs and solicitor fees. While there is no blanket cost for all, they will usually run into the thousands, which means that you must factor them in when buying any new property.
Purchasing a new home is a big step
Whether you already own your own place and are upgrading or you are buying your first house, it is a massive step. It is simply not worth rushing this process and ending up stuck in an area or property that you do not like. If you need some simple and effective ideas on what to take into account first, the above should help.