Searching for and purchasing a new property is a very significant life event. This is something that requires very careful consideration. It’s important to do your research and make the right decision when choosing a property to buy since it’s such a huge investment. So, what are the things that you need to consider when searching for your dream home?
Below, property expert Natalie Mitchell at HomeHow.co.uk explains all the important things that you need to think about when you’re searching for a property to buy. This can include things like the location, your budget, the condition of the property, and your lifestyle and needs. So, let’s take a look at everything you need to consider before jumping in to purchase a new home…
Location, location, location
When looking into buying a new property, the first thing you need to consider is the location. Think about how far away the property is from important venues such as your work, your child’s school, shopping centres, supermarkets, and other essential amenities. A shorter commute to these important places can significantly improve your quality of life.
You should also take some time to research the crime rates and overall safety of the neighbourhood in which the property sits. Consider factors such as security measures, street lighting, and community involvement.
It’s also worth looking into any planned developments in the future or construction projects in the local area. These may affect the future value of the property and could potentially affect your overall living experience.
Also, consider the character of the neighbourhood, as this can significantly impact your daily life. Do you prefer a bustling city centre or a quiet suburban setting? Is there a strong sense of community in the area? Consider visiting the area at various times of the day to experience the atmosphere firsthand.
Your budget and financing
Before searching for your dream home, you should aim to get pre-approved for a mortgage. This will help you better understand your budget constraints. After all, you don’t want to find your dream home only to find out later on that it is out of your budget. Don’t set yourself up for heartbreak. Instead, get pre-approved so you can get a clearer picture of what you can afford.
It’s also important to be aware of any additional costs that could be involved with the sale. This can include things like removals costs, taxes, insurance, surveys, stamp duty and legal fees.
You also need to determine the size of your deposit. A larger deposit can often result in lower interest rates and will result in lower monthly mortgage payments.
Your lifestyle and needs
When searching for your dream home, you need to consider your lifestyle and needs. Start by considering the number of bedrooms, bathrooms, and living spaces you need. Think about your future plans like your growing family and also consider your future home office requirements.
If you enjoy spending time outdoors, evaluate the property’s garden. Look at things like patios, balconies and other outdoor spaces to ensure they fit in with you and your family’s needs.
Determine if you require any specific amenities in the home. For example, would you like an outhouse, or a swimming pool, or a home gym? These are all things to consider when looking for your dream home. The more things you can get with your property during the purchase, the less you will need to keep aside for future renovations.
The condition of the property
It’s important to have home surveys before buying a property. These surveys will outline any issues with the building and will assess the overall condition of the property. Look out for any signs of structural damage, plumbing issues, or electrical problems, as these are all things that could end up costing you more money down the line.
Also consider the age of the property and its overall maintenance history. Older homes may require more repairs or renovations, so this is something to keep in mind.
The resale value of the property
Take some time to research the property value trends in the local area. Look for areas that have stable or increasing property prices. After all, nobody wants to end up losing money on their investment – especially when it’s a big investment like a new home.
It’s also a good idea to look at the local school systems if you have children or if you’re planning on having children in the future. A good school district is not only great for your family, but it can also significantly increase the value of the property.
Parking and transport links
While a shorter commute is ideal, it’s worth considering the area’s public transport options. Is there easy access to trains, buses, or trams? Good public transport links can be a lifesaver, especially if you don’t always drive or if car ownership is not a part of your long-term plan.
If you do plan on driving, consider your parking needs. Does the property have a driveway or a garage? If not, is on-street parking readily available? Think about what you need and consider the options available to see if they’re suitable for you.
Future-proofing your investment
It’s essential that you consider your future plans when looking for a new property. Will this home accommodate your needs for the next five to ten years? If you plan on starting a family or if you want to grow your current family, is there going to be enough space for everyone as this happens?
Also, it may be worth considering the flexibility of the layout. Can the rooms be easily repurposed to suit your changing needs? By considering these factors, you can reduce your chances of needing to move again in the near future.
Energy efficiency
Energy efficiency is a crucial factor, especially in the modern market. Energy efficiency can affect the running costs of the home as well as your impact on the environment.
Look out for properties that have very good insulation and energy efficient appliances. Sustainable features such as solar panels can also be a great added bonus, helping you to save money in the long run and reducing your home’s environmental impact.
Final thoughts
Finding your dream home is a very exciting yet daunting prospect. By considering the factors outlined in this guide, you can embark on this journey with much greater confidence. Remember, there is no such thing at the perfect property, but there is definitely one that can perfectly suit your needs and aspirations.
Don’t be afraid to prioritise your must-haves and be flexible on the less important aspects. Embrace the process of exploration. Take your time in the search and trust your gut feelings. With a bit of careful planning and a little bit of patience, you will soon find yourself walking through the door of your dream home, ready to create some lasting memories.
