If you’re looking to move, you’ll need to consider the type of property you need and can afford and the type of area that would suit your lifestyle. Here’s how to make the right choice…
When it comes to finding the right property, there are a number of key factors to consider. The first is your budget. How much can you afford to spend on a property? This will determine the size and location of the properties you can view. Have a chat early on with an experienced mortgage broker about how much you can afford to borrow, and make sure you don’t overstretch yourself financially. A good broker will help you work out what is feasible without pushing your finances to the limit. You want to be able to afford your new home and also have some funds in reserve for repairs and emergencies.
Remember it’s not just about being able to afford a mortgage. There are various costs you may not immediately consider, such as the cost of moving, solicitors fees, a surveyor, and of course, any repair or maintenance work that may need to be done on your new place. There’s also the additional costs of any new furniture. Your current sofa may not fit into your new home or suit the layout, or you may not have your own furniture if you’ve been living with your parents or renting a furnished apartment. Make sure you set aside enough funds to buy any furniture or household accessories you know you can’t do without.
Where to live
Think about the area you want to live in and be realistic about what’s affordable for you. If you’re a prospective first-time buyer currently living with parents or renting, you may need to be flexible about where you buy. Research published by Good Move in 2019 revealed that 37 per cent of UK adults felt it was unlikely they would be able to buy a place in their hometown. However, there are some suitable alternatives if you’re prepared to do your homework, so if you’re used to living near a train station for commuting, for instance, there’s no reason why a cheaper area won’t offer the same convenience.
Another key factor to consider is your needs. What do you need from a property? Are you looking for a home with potential for you to start a family, a house with a garden or a smaller property close to amenities? Do you need parking or are you happy to use public transport? Once you know what you need, you can narrow down your search.
The next factor to consider is your lifestyle. How do you want to live? Do you want to be close to the nightlife and restaurants or in a more peaceful area? Do you need good schools nearby? Taking your lifestyle into account will help you find the right property.
Once you’ve considered all of these factors, you can start looking for your dream home. Use property websites and search engines to find properties that match your criteria. You can also contact estate agents and property developers to see what they have available, and it’s also worth chatting to local agents or agents in the area where you intend to buy and letting them know exactly what you’re looking for.
Finding the right property takes time and effort, but it’s well worth it. By considering your budget, needs and lifestyle, you can ensure you don’t make the wrong choice. With a little patience and research, you’ll find the property of your dreams.
We’re here to help with mortgage advice so contact us today to find out what you could borrow.