Whether you’re in the process of buying your first house or upsizing, downsizing or uprooting your home to a new town or city, buying property can be a tricky business. With the average house prices in England, Scotland, Wales and Northern Ireland reportedly increasing by 10.9%, 5.5%, 10.7% and 10.7% respectively in recent months, it’s not just rising property prices that you’ll have to consider. There are a range of factors to take into account before making any big decisions, but what are the essentials you must consider when buying a house?
Budget + Mortgage
When planning for buying a house, finance is a crucial component – can you afford to buy your ideal home or will you have to make some compromises? Start by breaking down your finances and creating a budget – how much will you need to borrow for a mortgage? keep in mind that, when seeking out a mortgage, most banks will conduct affordability checks to ensure that your finances are in order.
It’s no secret that the UK housing market is in a turbulent state of affairs, with many prospective buyers being priced out by rising rates and choosing to wait out the storm in the hope of prices dropping. Ensure that you’re as financially secure as possible before approaching any mortgage lenders.
While pricing and budget is of course a key issue, property location is also one of the most important factors when buying a home, especially if you’re making the purchase with long-term profit in mind. Research the local property market to find average re-selling prices and check that it’s not stagnant with unsold properties.
Ensure that there are plenty of amenities and services nearby and that there are decent transport links for train travel and other public transport if you’ll need to commute to work.
Size of the property and grounds
While large properties with rambling grounds can seem like a bargain purchase with the right price, it’s important to ensure that the property you choose will be suitable and adaptable as your needs change over the years.
When it comes to size, it’s best to choose a house that’s big enough for your needs and ripe for renovation if needs be – never waste money on an excessively large property that could cost you in the long term.
Home appliances, fixtures + fittings
If you’d like specific appliances, fixtures, fittings and aesthetic features included as part of your new house, ensure that these needs are communicated to your solicitor or estate agent during the property hunt.
Age of the house
It’s worth bearing in mind that many older properties in the UK are more prone to damp, mould and potentially serious structural issues. If you are thinking of investing in an older property, ensure that you conduct plenty of structural surveys and checks to ensure that you won’t run into any potentially expensive surprises later down the line.