Buying a home is a relatively significant decision that involves not only a substantial financial investment but also a long-term commitment to your living environment.
With countless options and variables to consider, it is crucial to approach the process thoughtfully and methodically. We would always recommend that you instruct a RICS Surveyor to provide you with a Survey prior to making a commitment to purchase.
Here are some additional things to consider when buying a home:
Location, Location, Location
The old adage still holds true. The location of your new home plays a pivotal role in your daily life. Consider proximity to work, schools, public transportation, amenities, and the overall neighbourhood vibe.
Is the local environment due to be re-developed?
Is the local environment suitable for you and your family?
Budget:
Determine your budget well before house hunting. Factor in not just the purchase price, but also additional costs such as property tax (Stamp Duty), Estate Agency Fees, Insurance, Maintenance, and potential renovations. With interest rates fluctuating, try not to over stretch yourself.
Our RICS Surveyors can assist in providing you with a Level 3 Building Survey complete with budget costs for repairs and maintenance.
Size and Layout:
Think about the size of the house and its layout in relation to your needs and preferences. Consider factors like the number of bedrooms, bathrooms, living spaces, and storage areas required to accommodate your family comfortably.
Make Sure Your Survey Does the Job
It’s important to get a home buyer survey on your new home. A more in-depth survey should be sought depending on the property’s condition. Consider the following items that a surveyor may be able to investigate for you.
Surveys:
We would always recommend that you instruct a RICS Surveyor to undertake a Pre-Purchase Survey. A RICS-qualified Surveyor may uncover hidden issues, ensuring you make an informed decision. If significant problems arise, you can either negotiate repairs or reconsider your purchase.
Condition of the Property:
Assess the condition of the house thoroughly. While some level of renovation might be acceptable, ensure that you’re aware of any major repairs or improvements needed and factor these into your budget and decision-making. Our RICS Surveyors can help you with this
Resale Value:
Even if you plan to make this house your forever home, it’s wise to consider its potential resale value. Opt for a property in a desirable neighbourhood and with features that appeal to a broad range of potential buyers: Garden, Off-road parking, etc
Neighbourhood:
Research the neighbourhood extensively. Visit during different times of the day and week to get a feel for the environment. Check crime rates, nearby amenities, schools, and future development plans that might impact the area. We strongly recommend that you visit more than once.
Future Development:
Investigate the possibility of future development projects in the vicinity. While new amenities or infrastructure can be positive, excessive development might alter the character of the neighbourhood.
Is It a Viable House Purchase Long Term?
It’s important to note that you’re in this for the long term. The economy today, as we’ve seen, can change dramatically. Understanding your new home and how any changes could affect you is absolutely vital. Ensure your house is financially and emotionally viable for you and your family for a very long time.
It’s important to consider all of the following for the long term viability of your new home.
Financing Options:
Explore your financing options and get pre-approved for a mortgage before house hunting. This not only strengthens your negotiating position but also helps you understand how much you can truly afford.
Emotional vs. Practical Factors:
Balance your emotional connection with practical considerations. It is easy to fall in love with a house that has a certain charm, but ensure it aligns with your needs and budget, preventing potential buyer’s remorse.
Energy Efficiency:
With growing environmental concerns, energy efficiency is becoming increasingly important. Look for features such as energy-efficient appliances, insulation, windows, and solar panels that can save you money in the long run. Our RICS Surveyors can assess the property for any potential improvements in this regard.
Commute and Accessibility:
Consider the daily commute to work, school, and other places you frequently visit. A long and stressful commute can impact your quality of life over time.
Legal Considerations:
Research any local laws and regulations. These can affect how you use the property and any potential renovations you might have in mind. Is the property listed? Is it located within a Conservation Area?
Noise and Surroundings:
Pay close attention to the noise level in and around the property. Consider whether you are comfortable with the sounds of traffic, nearby businesses, or neighbours, for example.
Future Plans:
Think about your future plans. Do you expect your family to grow? Will you need more space? Consider your long-term goals and how well the house aligns with them.
Buying a home is an exciting journey that requires careful consideration.
By taking these essential factors into account, you can make an informed decision that aligns with your financial situation, lifestyle, and long-term aspirations. Remember, a house is not just a physical space; it’s a place where memories are made, and your well-being is nurtured.
