Buying a house will be one of the most expensive investments you make in your lifetime. This is true whether you’re buying for the first or umpteenth time. Overall, property purchases don’t come cheap and it’s essential to do your homework and investigate each potential property on your list carefully before making this all-important decision.
With that being said, many people are curious about the most important factor you must consider when choosing a good house.
In short, there’s no single answer to this question because every person will have a different budget, requirements and needs. However, there are some important things to do when buying a house and we’ve prepared a list of the top five to help you in your home-buying journey. Let’s explore these in more detail below:
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5 things to consider when buying a house
What are the five most important things to look for in a new home? As we’ve mentioned, the answer will differ for each individual case, but we’ve narrowed it down to the most common factors…
1. Budget and Mortgage
Before you get started looking around for a house to buy, you need to have a crystal clear picture of your finances. Why? Because buying a property will incur monthly payments over the next 10, 20 or even 30 years. This is a long-term commitment and while you are free to sell your house at any point in time, you do need to be able to have levels of affordability before you get started.
First off, think about your savings. How much do you have to put down a deposit when buying a house? And do you have sufficient funds for the additional costs that will arise? These include fees for surveyors, estate agents, solicitors, conveyancers and other parties involved in the home buying process.
Once you’ve set aside a deposit for your dream home, you need to approach a lender to finance your home’s mortgage. Remember that home loans are accompanied by monthly interest rates and that you need to afford these.
As an additional consideration, you also need to factor in further monthly costs such as utilities (gas, electricity, water, phone, internet, travelling and others). Will these be within your budget or will you need to consider looking at a lower-priced property? These are just a few of the questions you need to ask yourself when buying a house.
2. Location and size
You’ve got the finances in order and you’ve started looking at different houses in areas that you like and which will suit your budget. However, you also need to think about convenience.
For example, if you have children, are there public parks and schools nearby that will make it easy for you to get them to school every day? Is the house close to amenities like hospitals and shops? If you’re far out in the country, will this pose a problem for you in the event of an emergency?
Also, consider whether your ideal house is on a hill or on a flat piece of land as this will also influence the convenience factor. For example, a house on a hill may have great views, but you may also be isolated. On the other hand, you may wish to either be located close to the main road (which necessarily implies more noise from traffic) or you may wish to live in a quieter cul-de-sac.
The size of the property will also play an important role in your decision-making process. Think about how many rooms you reasonably need to live comfortably. How many family members will you share the house with? Will you have pets and does the property have a garden? If you plan on extending the house, is there room for an extension?
3. Condition and age of the property
The condition and age of the property are also important. For instance, an older house may have a more charming appeal but it may require more regular maintenance and upkeep later on, which can have cost implications.
A newer property, on the other hand, will generally offer newer fittings, furniture and home appliances which means that you can use these to your advantage without having to replace them in the short term. Looking at the finishing touches in the property itself is therefore crucial, too.
4. The rooms and layout
Going back to the size of the property, you also need to take a look inside to see what it offers. Make a calculated decision based on the usable space available. For example, if the house offers a sauna, which you will never use, this makes for an unnecessary feature and may need to be replaced by making space for something else in its place. The functionality of the layout is crucial.
When you’ve looked at the interior, you also need to consider the outside. Think about what it offers and whether this suits your long-term goals. This should be a part of your buying-a-house checklist.
5. Upgrades, updates, renovations and maintenance
Finally, and as mentioned above, buying a house is a long-term investment and a place that you’ll be calling home for the foreseeable future. Therefore, you need to consider the detailed costs of selling and buying a house. For example, you need to factor in future costs for renovations, maintenance and regular upkeep.
In addition to this, there are also costs that will be associated with potential future extensions. Think about whether you have the time and resources needed to take on the scope of such a project or whether you’d like to just move in with as little additional effort required as possible.
In conclusion
So, whilst we’ve narrowed down to five of the most common factors to consider when choosing a home, every individual case will be different from person to person. Some may think there are way more factors than 5, whereas other people may only think of 1 or 2.
Regardless of this, buying a house is a big step and a very exciting time in your life, one that you can fully enjoy once you’ve settled in. As we mentioned though, it’s important to do your homework well before buying a house so you don’t find yourself struggling with maintenance, repair or affordability issues further down the line.
The information is provided by Estate Agents from Belvoir Incorporating Onwards and Upwards.
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Millie is a perfectionist with a passion for property and writing articles. You’ll find her researching the latest housing trends and the newest up and coming areas worth investing in. Read more about Millie here.
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