Things to consider when buying a house

Whether you’re a first-time buyer or not, buying a house is a rollercoaster of emotions, and letting either the head or the heart make the decisions will only cause heartache – and potentially another move. If you’ve been on the hunt for a new home for a while or you’re taking advantage of the buyers’ market, here are some things you should consider when buying a house.

Mortgage and other costs

2020 has been a tough year for most, and it’s set to get more challenging as mortgage rates continue to rise. But it’s not just mortgage repayments that need to be factored in when figuring out which price bracket your property search. You will need to use a solicitor and budget for their fees – and don’t forget that even if the house purchase falls through, you will still have to pay for specific expenses. You will also need to think about moving costs, such as van hire or storage. And while there’s currently a Stamp Duty holiday, this will be ending shortly, and duty will once again need to be paid on properties valued over $125,000. 

Location of the property 

Property prices vary greatly depending on location, with highly sought after areas seeing the highest house prices and less desirable areas being much more affordable. If you find you are priced out of your desired location, it might be time to widen the search. If the land is more important than the property itself, it might be that you have to compromise on certain things, whether it’s losing a bedroom, a smaller garden, or street-parking. 

Commuting to work 

While considering an area, it’s essential to think about how easy it will be to get to work. 2020 has shown many of us can work from home, but there may be the odd occasion we will need to head back into the office. So, whether that means catching the Doncaster to London Kings Cross train once a month, commuting along the M25 every other week, or a 10-minute stroll to meet colleagues every so often, consider the location about where you work. 

Future sale-ability

Whether you foresee yourself living in your future home for a few years or a few decades, it’s essential to think about the resale. If the properties you’re currently looking at have been on the market for more than a few months, it could mean a couple of things. Either they’re priced too high, or there’s something wrong with them. Similarly, if you buy a property because of a quirky feature, it may be that it’s harder to find another buyer in the future that likes that same quirkiness. Thinking about the potential resale should always be considered to avoid jeopardizing your investment.