Top Three Questions You Should Ask Before Buying a New Home
Moving into a new home is a big deal, regardless of whether it is your first or tenth time, there are always worries associated with buying a new house. Do you pursue that renovation, start new or explore house and land packages? It may be that you’ve already found the right home or you have visited numerous properties and have yet to find what you want. To ensure you make the right decision, you should take a look at the following questions which you should ask yourself before making any big decisions.
What is your budget?
One of the most important aspects you need to consider when buying a new home is your finances, which you should assess in order to determine your budget. This can be calculated by determining your current income and outgoings.
Once you’ve established your budget, you can then decide your method of payment which can be a tricky process when purchasing a property. If this is not your first home, you may opt to pay using the same method as last time if suits you. However, if you’re a first-time buyer you will need to conduct thorough research to decide which option is best considering your circumstances.
Some homeowners are lucky enough to purchase their home with their own savings however, for most, this is not the case. This can then result in a borrowing process. To help you make the right financial decisions, you should speak to a financial adviser (FA) who can determine how much you can afford to borrow and which mortgage is best for you. Make sure you work with an FA you can trust, and you could even consider getting an Agreement in Principle, which is a written mortgage estimate. This will make your bid appear more legitimate to estate agents, enabling you to purchase the property you want.
What are your wants and needs?
Everybody has an idea of what they want their family home to look like, so without going overboard you could consider the key elements you want when house hunting. This could be anything from parking spaces and gardens, to a large kitchen and additional bathroom. Whatever it is, you should consider making a checklist to ensure you find the right place, as, after all, you will be living there for many years to come so you need to make sure it’s the best fit for you.
While all properties are different, some go above and beyond to cater to a specific buyer. For example, property investment company RW Invest focuses on the contemporary with their luxury off-plan developments that are designed specifically for young professionals living and working in the city center. Their developments feature everything this demographic seeks including eco-friendly technology, social spaces, and lux decor catering directly to investors who are covering this market.
Do you feel comfortable?
If you believe you have found the perfect property, then you should consider several things before making a final decision. This includes how comfortable you feel in the property and whether or not you see yourself still there in the next ten years. Other clear signs include your sense of attachment to the house, although you should try to hold back on this, as there is always the possibility that you may not get it.
If you don’t feel uncomfortable in a property, you should know that it is definitely not right for you. For example, if you feel like you can’t go in the bathroom, as you feel as though you’re intruding on the previous owner. Instead, you would want to feel like you already live there and can imagine decorating and furnishing the property – this is when you will know it is right for you.
