Things to Consider Before Buying a Property

Buying a property is an exciting step! It’s a huge achievement and one that can take many years to achieve – not everyone is able to buy a property in their lifetime, which shows why it’s such a big achievement! 

When you start your journey and begin booking viewings, it’s not just about finding somewhere that looks good on a viewing. It’s about choosing a space that works for your lifestyle, your future plans, and your finances – the last thing you want to do is buy a property, which you outgrow very quickly. 

If you are starting your journey to buying a property now or are thinking about starting your journey in a few months, here is our guide on things to consider before buying a property. Keep on reading to learn more about 5 things we think are very important when searching for your first home. 

Be realistic about your budget

A good place to start is your budget and ensuring you are realistic about it. It’s easy to focus on the purchase price, but the reality is that buying a property comes with a range of additional costs. Legal fees, surveys, moving expenses, and potential renovations can all add up quickly.

What we would always recommend is putting together a spreadsheet of all the costs. By doing this, you can try to keep as close to the budget as well as find ways to make reductions – such as looking into cost segregation.

What does your future look like?

You should always try to take into account your future and be realistic with it. When buying, you want it to be more long term than short term. Consider how your lifestyle might evolve over the next few years. Will you need space to work from home? Are you planning to grow your family, or simply want more room to entertain and relax? A lot of people like to have gardens – does this property have one? Or are you happy to be without for now and then move in the future to one (when you have kids for example) 

Make sure you research the local area 

Always research the local area as this is so important. Look into the crime rate as well as how you think the neighbourhood will serve you. A property might tick every box, but if the area doesn’t suit your lifestyle, it can quickly lose its appeal. What we would suggest is you visit at different times during the day to get a real feel for it. Make sure you look into the transport links, such as trains or buses. You should also look into the amenities, such as a nearby gym, a cinema or sports facilities. If it’s a completely new area that you are thinking about moving to, the overall weather conditions should also be a factor.  

Does the property work for your lifestyle?

When walking around a property, you may find the aesthetics distracting as if it’s nice, you may forget to think about how practical the property is. But, try to think beyond this. Try to look at more practical points, such as, is there enough storage? Is the layout practical for your day to day life? Can you extend if you want to (such as adding a porch, or building into the loft)? Sometimes a slightly smaller property with a well-thought-out layout can feel far more liveable than a larger space that doesn’t quite flow. 

Try not to let your emotions take over 

It’s completely natural to feel an emotional connection when viewing a property. When walking round, you’ll feel excitement, nerves and a sense of imagining your future there – which is super exciting! It’s important you try not to let your emotions take over and be practical about the property, instead of running head first into it. A property might look perfect at first glance, but it’s essential to take a step back and assess it more practically.

What can be useful is taking a day to think about the property before making any sort of offer (unless it’s time sensitive). You can talk to your family members about it as well as have a more indepth conversation if you are buying with your partner. 

How have you found saving enough money to buy your first property? What things would you recommend to our readers to help them save a greater deposit? Have you started viewing properties and what questions do you think are important to ask when looking? Let us know in the comment box below. We look forward to hearing from you.