Even if this isn’t your first purchase as a homeowner, each place and experience is going to be slightly different, so we’ve listed a few things you’ll want to consider before buying your first or next place.
Location
This is obviously going to be a pretty big deciding factor in your purchase, but you don’t want to get too caught up in the location or buy a place simply because of where it’s located. You’ll have to consider how far it is from your work, schools, and even how it will affect moving day, etc, and if the location truly justifies the commute and cost of getting back and forth each day.
Lifestyle
You may have found the most beautiful, quaint little cottage and it just ticks all of the boxes, but before you get carried away, you should take into consideration how this may affect your current lifestyle. If you’ve only ever lived in the city and are used to meeting with friends at the drop of a hat or enjoying late night dinners and drinks, then you have to willing to let those things go. You may love the cottage, but if you’re feeling like you’re forced to spend all your time there because nothing is going on in the local area, then it may not be the wisest of investments.
Condition
When you come across an amazing property bargain, it’s definitely hard to pass up, but usually the catch is that, although you spend less upfront, you’re going to have to put in a lot of renovation work to get it looking the way you like. Fixer uppers can be an amazing investment and really help you put your own touch on the place, but you just have to make sure you’re ready to put the work in. Of course, you can shop around and get good rates from professionals like Plumbing Heroes to help you with the bigger stuff, so it certainly doesn’t have to be something that breaks the bank.
Budget
Looking at the financial aspect of buying a new home isn’t always the most exciting part – especially when you’re looking at all these gorgeous houses and just wish you could have them all, but it’s just a fact of life, and you don’t want to put yourself under unnecessary financial strain to afford your new place. If you’re buying together with your partner, then you need to have an honest talk about what you each can afford and what things you may be willing to sacrifice in order to buy something more expensive. If you’re buying alone, then you need to have the same conversation, set yourself a budget, and really stick to it.
Hopefully this small guide will give you a bit of a better idea into what you should consider when making such a purchase, and how you can avoid getting something you’re not completely happy with or that puts you in any kind of financial difficulties.
Buying a home, whether it’s your first or your fifth is certainly an exciting time, and we want to help you enjoy it as much as possible.
