Essential Considerations For Property Buyers

Buying a property is an incredibly exciting proposition, but it can be a complex and convoluted process, especially if you’re trying to sell at the same time as finding your dream home. If you’re about to start your search, here are some essential considerations to bear in mind. 

Funding your purchase
This is the most important box to tick when it comes to taking the stress out of conducting a new property search and exchanging contracts. Before you start looking for a new home, figure out how you’re going to fund your next move. Are you selling another property to raise money to put towards your new home, or are you a first-time buyer? If you’re planning to take out a mortgage, you’ll need to ascertain how much you can borrow. It’s wise to do some research and make sure you have an accurate figure in mind before you view properties. You don’t want to set your budget too high and then find that you can’t afford a house you’ve fallen in love with. If you’re reliant on selling your home, there are options, such as bridging loans, which can help to reduce the risk of losing out if your property doesn’t sell as quickly as you hoped. It’s also vital to have an accurate idea of how much your home is going to sell for so that you don’t overstretch your budget. It’s best to be cautious, especially if the market is volatile or sales have slowed in your local area. 

For many buyers, location is key. If there is no room for manoeuvre with the location, it’s crucial to be realistic about your budget and what kinds of properties you can afford. The wider your search area, the more properties you can consider. If your catchment area is very small, you may have to wait a long time for houses to come onto the market, and you might not get much for your money if the area is sought-after. If you’ve got a location in mind, but you’re prepared to be flexible, moving the boundaries, even by a few miles, could make a huge difference to the range of options available. You might find that you can afford a house that ticks every box on your wish-list if you’re prepared to consider different streets, suburbs, villages or towns. 

Lifestyle and practicality
Aesthetics and curb appeal may be the first things we notice when viewing properties or checking out online brochures and listings, but having a stunning exterior or a fabulous driveway shouldn’t be the determining factors in your search. Most of us want to find a property that looks great, but it’s also critical to look for a home that will work on a practical level or to keep an eye out for potential. If you’re buying an older property, for example, it might not suit your needs now, but there may be scope to renovate. If this is a scenario you’re considering, make sure you factor in the cost of work when setting a budget. Think carefully about your lifestyle and what you need your house to provide in terms of functionality. Many buyers who have children, for example, look for large, open living spaces. 

Are you preparing to start a property search? If so, make sure you bear these essential considerations in mind. 

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