Whether you are a first-time buyer trying to get your foot on the property market or are moving home to accommodate a growing family, you must make the most of the advice available to you. After all, buying a home is one of the most significant purchases you will make in your life, and also one of the most stressful.
In fact, in a recent study, respondents stated that they found buying a house to be more stressful than the COVID-19 pandemic. With that in mind, here are some top tips that you can use to navigate this next stage in your life.
Know your budget. The first thing to consider when buying a house is your budget. While you may have some savings set aside, a general rule of thumb is that your mortgage should not cost you more than 28% of your gross earnings each month. Figuring out what you can afford will make the entire process much easier, as it will encourage you to budget your money ahead of time, meaning you can make any and all payments. It will also narrow down your prospective houses considerably.
Always view properties before making an offer. During the height of the pandemic, many property views took place online. However, many people advise against buying a home without viewing it as pictures and videos can be misleading. For example, spaces can sometimes appear a lot nicer in pictures than they actually are, especially if they have been doctored. As a result, you should always make sure you view the property in person – keeping an eye out for any potential problems within the property, such as mould or structural issues.
Look at house and land packages. If you’re finding it hard to find your dream property, this could be because it does not exist. And, while you must be realistic with your expectations from your new home, one way in which you can resolve this issue is by looking into house and land packages. This way you can purchase as much land as you need to design your own home. This could also be a lot cheaper, though it does come with extra work!
Be prepared to make allowances. When attending property viewings, you must be realistic. After all, unless you are building a property from scratch it’s unlikely that you will encounter your dream home by accident. And, while there are some things you will be unable to compromise on (such as the number of bedrooms), there are other areas in which you can make an allowance. For example, if you wanted a conservatory in the garden, this is something that you can add to the property at a later date. Alternatively, if you wanted a home office in your new property, you could renovate an attic, basement or other empty room into the perfect work-from-home space. To put it simply, you must be prepared to make a few allowances here and there – especially if doing so will help you to cut your costs.