Searching for a new home is a bit of a double-edged sword. On the one hand, moving house represents an exciting opportunity – the chance for a fresh start and a new way of living. On the other hand, it can be pretty stressful given the amount of time and effort that goes into it.
It’s only natural to feel a little overwhelmed, particularly if it’s your first time, so in this article, you’ll learn about 12 important considerations to get you started.
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The Importance of Prioritizing Your Budget Early
Your first step should always be getting a handle on your budget. While you could technically start hunting for a new home before your finances are figured out, it’ll likely end in disappointment.
You need to sit down and analyze your life to see what you can reasonably afford before you go looking. This involves establishing the value of your own property and the likely sale price, as well as totting up all the hidden expenses involved in selling (such as solicitors’ fees, stamp duty, legal payments, taxes, and so on).
You can use free spreadsheet software like Google Sheets to get started: this will help you organize things cleanly and simply.
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Where Do You Want To Live?
Once you have your budget sorted, you’ll need to determine where you actually want to live. If you’re open to moving further afield to a different town or city, really drill into what you want from a place; thoroughly investigate the local area, and with each place you visit, make a pros and cons list that you can use to compare each of them later (it’ll be too much information to keep in your head).
Above all else, do your best to think long-term and project into the future. How does work fit in? Does the area have good schools? Is the place well-connected? Ask yourself plenty of questions.
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Working with a Real Estate Agent
The ins and outs of buying and selling property can get complicated very quickly, so it’s key to approach a reputable real estate agent early on, both for the purposes of selling your own house and purchasing a new one.
A company like MGP Property, for example, has a vast amount of knowledge in negotiating favorable terms and informing you on what to avoid, aswell as helping you tease out the details to find what you really want in a new home.
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On Future-Proofing
One of the most important elements when determining what sort of home you want is how ‘future-proofed’ it is. It’s unlikely you’ll find a place that is absolutely perfect on all levels, so it’s key to have foresight and recognize future potential.
When you look around a home, scrutinize each and every element. Make detailed notes of the available space in each room and try to envisage what you’d do to make it your own. Then, consider how you might need to change things in the future. If you needed it, does the place offer the opportunity for an extension later on down the line? Is the garage big enough? How much work will it take to get things up to scratch, and how long will that take?
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Gain Insight into Noise Pollution
It’s easy to get swept up in the allure of a given property, but it’s key to check for surrounding downsides.
A big factor in this regard is noise pollution. While a property may appear perfect, there might be noise pollution that you would ultimately consider intolerable, such as that from nearby factories or train lines. Consider your lifestyle and determine a threshold for what you would be willing to accept.
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Considering Rental Appeal
While you may be purchasing your home without any intention of moving in the future and selling it, you may decide that you want to rent out a room or two, depending on the size of the place.
If you’re moving with a family, consider that once your children grow up and move out, there will be a fair amount of empty space available. As you look around each property, think about how appealing the new property would be to those looking to rent; buying a new home isn’t just about the immediate benefits, it’s also an opportunity to set yourself up for the future.
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Internet Connectivity
One thing many neglect to think about when buying a new house is internet connectivity. While 20 years ago, high-speed connections were considered a nice perk, these days, they’re essential. People rely more on the internet than ever before, and that reliance is only going to increase year after year.
With each property you visit, investigate the internet speeds in the local area and if there are any issues. Ultimately, you need somewhere that’s going to support a modern lifestyle.
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On Energy Efficiency
Energy efficiency is another major consideration in today’s day and age. With energy costs continually rising and the importance of environmental issues becoming more and more prevalent, it’s key that you assess any property you’re considering for quality insulation, modern, double-glazed windows, and smart heating technology.
If the house you like doesn’t have one or more of these things, you’ll need to factor in how much it’ll cost you, beyond the price of the property, to implement them. It’s common for a house to look great on paper, only to have it become extremely expensive in the long run.
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Understanding Local Safety
The safety of your local area is always of utmost importance, particularly if you have a young family. Anywhere you choose must meet certain standards. Look into the crime statistics for that part of town, and what sort of proximity the new property is to areas that are considered unsafe.
You’ll also want a place that feels safe to walk around in at nighttime, which means good lighting and the implementation of neighborhood watch groups. If you can, talk to the locals – they’ll usually always provide an accurate account of what it’s like to actually live in the place. You can also consider approaching the local police station for deeper insight and advice.
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Gaining an Understanding of the Current Market
And finally, it’s a good idea to get a handle on the current housing market, as it may be worth postponing your hunt for a later date. Ask your real estate agent for a detailed breakdown of the current state of affairs in your local area and how the situation might affect you if you bought and sold property now.
You should also do some of your own research into what other similar properties in your area have sold for, and the same goes for the area you’re looking to buy into. If you’re hoping to buy further afield, this is doubly important, as you’ll not only need to compare prices of individual properties, but also understand the fluctuations of prices in that specific area.
Wrapping Up
Hopefully, you now feel you have a foundational understanding of the key elements involved in buying a new home. The most important thing to bear in mind is that you take your time and do your best not to rush through anything – be careful, and be methodical in your approach.
It may take a lot of work before you sign the dotted line, but know that it’ll all be worth it when you’re sitting relaxing in a beautiful new house. Good luck!
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