What To Consider When Buying A Home
Tips to remember
Buying a home is a fun and exciting time in many people's lives. However it can sometimes seem overwhelming. To make the process a little less intimidating, we have put together a guide on what to consider when buying a home.
The first thing you need to consider when house hunting is your budget. What can you really afford? Ensure you are not in over your head and that you will realistically be able to afford it. It is easy to come up with elaborate ideas of what we want in our ideal home, however you need to think logically and realistically. Stepping onto the property ladder is a huge financial commitment so sit down first and work out how much of a mortgage you can afford to take out. You need this to be a comfortable amount; don’t put yourself under too much financial strain. You also need to consider all the extra costs involved with buying a house such as Stamp Duty, moving costs, the initial furnishing and decorating costs. It is important to be aware of the extra costs you are bound to incur in the process of buying a house and to factor these into your budget.
Take your time
People often feel rushed into making an offer on a house, especially if there are other interested parties involved. Taking your time to really look around and see what other options you have is essential. View as many houses as possible and don’t settle on something you don’t entirely love. You are committing to living there for many years, if not the rest of your life so you don’t want to end up regretting your choice. View the house a few times and if possible at different times of the day to get a real feel for not only the house but also the location. Test your commute to work from the property you're considering buying, it may be a longer commute than you think.
Think about the future
Ensure the house you buy suits your needs. If you are an older couple with adult children you might not need as much space as a younger family. Think about your future and remember that you will probably be in this house for a long time. A young couple without children may think they don’t need much room but they may have children in the future and if they had that extra bit of space they would not have to move house again. Checking out the area is also a good idea. You might want to ensure there are schools, sporting facilities or public transport services nearby. Even if you don’t think these factors are necessary for you, they could make the house easier to sell should you wish to do so at some point down the line.
Make a list
Make a list of everything you want your new house to have. You should make sure the houses you are looking at match your criteria. You may fall in love with a house only to discover that it doesn't meet many of the requirements you originally listed. If the house doesn’t check off everything on your list but you still love it you could think about renovating it, has it got room to improve or extend? These are all things that you need to think of which could be done in the future to turn it into your dream house.
Make sure you will be able to afford the insurance policy on your new home, check the area isn’t prone to flooding etc. You need to think about how much cover you need to protect not only the house but also your furniture and personal belongings. Contact us here in Chill Insurance; we know buying a house can be a stressful time so we take the pressure off looking for home insurance!. We search the the top insurers for you to find the best possible deal. If you are looking for a quote give us a call on 1890 302020