Choosing a Home That Perfectly Suits Your Needs

If there’s one asset that’s worth investing a whole lot of thought, time and effort into, it’s your home. Your home tends to be the biggest investment that you’ll make in your life. On top of that, it’s the space where you should be able to feel comfortable and relax. If you’re considering buying, you’re onto something good and you could find that home ownership is much more preferable to renting. Sure, renting can be great for some. It’s ideal for those who aren’t ready to settle down and who want to freely move from one place to another. Students, young professionals and free spirits. But if you want stability – for yourself or because you’re planning a family – owning your own home can ensure that you are secure. You don’t have to worry about tenancies ending, landlords selling up or other issues that could see you having to move out of properties you loved. You also find that you pay into an asset that you’ll benefit from in the long run, rather than paying a landlord’s mortgage on their behalf. Now, you’re going to have some tough decisions on your hand if you do want to buy. You need to be sure about the property you’re investing in to avoid wasted time, money and effort. Here are some areas to consider before laying down a deposit and moving into your new place!

Creating a Budget

Everyone has to live to a budget in life. A budget will allow you to understand how much money you have, how much you earn and what this can afford you. Failing to set a budget when buying a house could result in you being unable to realistically afford your mortgage payments, which can then turn into repossession and further issues. A budget can also let you determine how much you need to save to put down as a deposit on a house. Unless you’re in the rare and very lucky to have a huge amount of cash put aside to buy a house outright, you’re going to have to take out a mortgage for your home. This is essentially a large scale loan and you’ll be expected to put a large deposit down (often 5-15% of the property value) in order to get it approved. You will then pay back the lender in monthly installments called mortgage payments. There are plenty of mortgage calculators out there that will help you to determine how much you can afford to spend on your house. You can also use professional financial services from a financial advisor to help you further.

Choosing the Right Location

Once you know your budget, it’s time to start thinking realistically about where you want to live. Lots of people tend to stay local to where they currently are. But remember that this isn’t mandatory. You do always have the option to move further afield or even overseas. While a house in your childhood town could be an option, a property in sun plaza overseas could provide you with an equally happy lifestyle. Really think over your options. Different places have different benefits and you should weigh them up against one another before settling on anything.

Choosing the Right Property

Once you’ve settled on a general location, it’s time to start house hunting. Generally, it’s best to engage with this through an estate agent, who can simplify the search for you and offer up any properties that seem fit or an appropriate match for you and your needs. Some questions to ask yourself before approaching an estate agent include:

  • Do I want to live close to my workplace?
  • Do I want to live close to friends and families?
  • Do I need to live close to good schools?
  • Would it be convenient to live close to schools for future planned children?
  • Do I need somewhere with good public transport links?
  • Do I need somewhere with good road links?
  • Is there a supermarket nearby?
  • Is there a gym nearby?
  • Are there entertainment options nearby?
  • Is the area safe?

These questions can all help you to whittle down options in regards to very specific locations. Here, you can start to consider the type of house you want, so you can start actively seeking them out and viewing different potential properties:

  • How many bedrooms do I need?
  • How many bathrooms do I need?
  • Do I need a garden?
  • Do I need a garage, driveway or nearby parking?

Buying a house really is a major step in life, so the process is likely to be a little long and drawn out. But all in all, when you get the keys to the perfect property to suit your needs, it will be more than worth all of the effort!

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