If you're looking to buy a new home, you'll know that it's not something to be entered into lightly. Buying property is expensive, and you'll want to make sure that you're buying a property that meets all of your requirements, and doesn't come with nasty surprises. With property sales, there's no refunds or exchanges after you're handed the keys, so you'll need to make sure you've considered everything before you sign on the dotted line.
Thinking about buying a home? Here are four things to consider.
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1. Is it in your budget?
Your budget is one of the most important things to consider when buying a home. For starters, the bank won't let you what it doesn't think you can afford. As well as the cost of the downpayment, you'll also want to think about legal fees and other costs that come with buying a home.
Create a household budget to help you work out if you can afford the property based on your existing earnings, taking into account all of the new outgoings you'll have too. It might be worth asking the sellers for a breakdown of running costs to help you work out if the house is truly in your price range.
2. Is the area as safe as the buyer says?
One of the things buyers look for is that their property is in a good, safe area. And sellers will want to push that too so that you buy the property. But never take anything at face value - it's important that you do your own research. You'll need to consider searches, surveys, and even rapid drug testing to determine if your potential new home is as safe as it seems. Ask as many questions as possible and always trust your gut.
3. How much work will need to be done to the property?
Some people love a project property that needs a lot of renovating, whereas others want somewhere they can live in straight away. You'll need to think carefully about the work that needs doing to the property to decide if you want to commit. The right survey can identify immediate work that needs doing, but if the kitchen needs upgrading or you need to rip out the bathroom, you'll want to factor this into your decision.
4. Does it leave you excited about the future?
Buying a home is an exciting thing, but it's important that it feels right. If, for any reason, you don't feel in love with property or have doubts - it might not be the home for you. It's important to resist hard selling from realtors and sellers and just trust your instincts. If the property isn't right for you, another one will come along that's the right fit.
Buying a property is a huge commitment, so it's important that you get it right. For more great advice, check out five things to do when buying a property to help make sure it's the right move for you.
