When taking your first step onto the property ladder it can be very difficult to know what to look for in a future home. Here are a few things you should consider that will help steer you in the right direction when it comes to booking viewings and deciding when to make an offer:
Budget
Budget is ultimately going to be the biggest deciding factor in your property search. It is advisable to speak with a mortgage advisor early in the house-hunting process to determine the size of the deposit you will need and how much you can borrow. Doing this early means you can filter your search based on the houses you know you can afford, which will ultimately save you time and help avoid disappointment. It is always worth viewings houses slightly above your budget too just in case you are able to negotiate a lower price, however, don’t bank on this as a guarantee.
As well as the deposit, you should also factor in all the hidden costs of buying a home into your budget. For example, solicitors’ fees and moving costs. This will allow you to get a clearer picture of how much you need to save.
Workload
Once you know what you can afford, you should think about the size of project you are willing to take on. For some people, getting on the property ladder is a chance to try their hand at some DIY, or even take on a full renovation project. Others will be looking for a property that can be moved into straight away, in which case new homes are a more appropriate choice.
Take some time to think about what you are willing to take on, being realistic about what you can manage in terms of your existing skills as well as additional budget that would likely be required for renovation works. If you plan on buying a home that requires significant work, it could be worth bringing a tradesperson to a second viewing with you to get quotes and opinions on the work needed.
Location
Location is such an important factor when choosing a future home as it is one of the few things that can’t be changed. Unlike layout or even size, the location of your home cannot be altered. Think about what is important to you, is it being close to friends and family? Or maybe your commute time or proximity to amenities is more important?
It is likely that you already have a rough idea of the location where you’d like to live but make sure to consider areas outside of where you grew up or where you currently live too. When viewing properties, try to leave time before or afterward to explore the area. Before offering on a property, make sure that you have visited the area during different times of the day as this will give you a good indication of whether you truly like the location.
