Buying a home is important. Itโs essential that you pick the right property that works for your household not only for your current situation but perhaps for the next five, ten, or fifteen years. Perhaps you donโt plan to be in it for that long but either way, you want to pick something that is going to suit your needs and wants for at least the foreseeable future. Here are the best tips for buying the right property for your household.
Think About A Budget
Budget is a critical element because depending on your householdโs annual income will likely depend on how much you can afford when it comes to the value of a home. It might be that you increase your options if you have a bigger amount of savings that you can put towards a deposit. When it comes to your budget, itโs not just the price of the property that youโre buying next but the amount of money itโs going to cost to sell an existing house if you own one already and/or moving out of the current property that youโre currently living in. The amount of belongings you have and the distance youโre traveling might mean that you have to spend hundreds or even thousands to move and for some, that might not be financially possible right now.
Think about the budget you have and tally up the costs of moving so that you can give a realistic answer as to whether or not, now is the right time for you to move financially. If not, then itโs worth backing down until youโre ready to move comfortably and wonโt need to worry so much about the cost of it all.ย
Consider Your Priorities
When finding the right property for your family, the next thing youโll want to consider is your priorities. What do you feel is the most important thing in your life right now? You may have a family and therefore your kids might be the priority in terms of the school options or what the surrounding area is like. You might have just bought a puppy into your household and so youโre after a property with more outdoor space and perhaps more space in general. These priorities are going to be important to touch upon when it comes to the properties you look at when you eventually start your viewings. Itโs something that youโll also want to discuss with the agencies that you partner up with. That way, youโre not going to have your time wasted or be disappointed by the lack of properties that donโt meet what priorities you have.
Have A List Of Must-Haves
When it comes to viewing properties, itโs always good to sit down with your household or those who have influence over the buying process, to see what it is you are after. Itโs always good to have a list of must-haves. These are the things that you wouldnโt buy the property or consider looking at it unless it had these elements to it. You will have needs for a property but these are secondary to your wants.
Do you want a garden? Perhaps you need three or four bedrooms in order to provide the space you need for when you have children? Everyone will have different must-haves depending on their priorities and life situation. Make sure you write down a list before you go approaching any estate agents to help you find the right property. Itโs going to help you cut down the amount of time that will likely be wasted. Also, estate agents donโt always listen to your requests verbally over the phone so make sure itโs down in writing for their own reference.
Think About Why You Want To Move From Your Current Home
When it comes to moving from your current home, you can use this as inspiration for your next home. Why? Well, why are you wanting to move from your current home? It might not simply be, itโs a matter of timing. Itโs probably that your current home is no longer suitable for what youโre after or where you are in life. If your children have flown the nest, you might be in a property that is just too big for the two of you. Therefore, it might be necessary to downsize. The same goes for a couple who may be starting a family. That one bed flat might have worked for them at the time but not anymore. The lack of space will be the reason for the move. There may be multiple factors that contribute to your moving so make sure you add these to your list of requirements for the next property. The last thing you want is to end up somewhere similar to what you were trying to get away from.
Work With The Right Agencies
There are lots of real estate agencies out there who will be more than happy to take your property, put it on the market, and attempt to sell it. However, itโs essential that you pick someone who is going to do the best for you and has a reputation for being able to sell your property. In order to get the right agencies, you want to do your research. Look at who theyโre currently selling and whether or not what you want to buy is something they have widely available on their current roster. Some may also specialize in certain properties, so itโs good to find the ones that are definitely going to align with what youโre after. Try not to also sign up with too many agencies as this could lead to you taking more calls from agencies than actually visiting properties.
Take Your Time When Viewing Properties
Viewing properties is something that you want to take your time with. Thereโs going to be a lot of excitement at the potential of finding somewhere new but itโs also important that you focus on what it is your after and that you donโt get blindsided. Think about the properties youโre offered to view and try to be strict with which ones you want to see. When viewing the property, take your time and donโt allow yourself to be rushed by any owners who are in the property or by the estate agent. Check everything and donโt forget to ask questions. Be inquisitive!ย
Take A Look At Areas Around The Property
The area around the property is important to pay attention to and itโs one you definitely want to be wary of. A property can look perfect on the outside but if it doesnโt have a nice area, you might not want to move there. You also want to consider what youโre looking for when it comes to local amenities and perhaps schools or educational institutions nearby.ย
If it doesnโt fit what you need, then it doesnโt matter how perfect the right property is, itโs not the right fit for you and your household.ย
Ask The Rest Of The Family For Your Input
Asking your partner or perhaps the rest of your family for input is important because theyโre going to be living in this property too. If you can, sit down with the family and look through all your options. If theyโre old enough to contribute an opinion, then listen to what they say. At the end of the day, you want everyone to be happy with the choice you make and so itโs worth checking in with them to see which one was more favorable.
Get The Right Mortgage Agreement
The right mortgage agreement is essential if youโre relying on borrowing money from a lender to pay back the cost of the home. Whether itโs a 20 year mortgage or a 35 year one, itโs important to discuss your options and find the right lender for your needs. This is just as important as finding the right property for you.
Be sure to go to a mortgage advisor who will be able to give you all the relevant information on what lenders are available. Itโs always good to have a long list to pick from after all.
Donโt Be Afraid To Barter On The Price
And finally, when it comes down to agreeing on a sale price, make sure you barter. You might always be able to get a better deal than whatโs advertised, so donโt be afraid to try. You should always have enough to spend on the actual asking price, but the buyer doesnโt need to know that. Be tactical with your bidding and only meet the asking price or go beyond it, if itโs worth the risk. Your agent should also be able to offer you guidance throughout this process.
Buying a home for your household is something to do seriously each time. Make sure youโve done everything in the planning and preparation of your buying process and that you are able to do it in the right way. Use these tips to help get the right property for you and your family.
