Buying a home, especially a first home, is one of the biggest steps into adulthood and it can be fraught with a lot of difficulties and financial uncertainty. It is essential to consider as many options as as possible when you are looking at buy a house. This is not to scare you off from buying a home but there are many conflicting onions as to the best practice when purchasing a new home. Here we have compiled a list of some of the essential things to consider when buying a new home. Some you may have already considered and others maybe not.
Cost of the home:
When viewing the property have you checked the value of nearby properties and at what price recent homes have been sold for. This can give you an indication of what issues you may have with you new home if any. If it is being undersold, maybe there are structural issues and if you are being charged excessive fees there may be an issue with your agreement. This may not always be checked by a realtor so it’s important that you check this out yourselves. It will give you a much better indication of property value in your area and if the new home is worth the investment.
Location of the property
Another essential aspect is the location of the property. Although the location might look good on paper, is there accessible public transport, what is the distance to nearby essential buildings such as schools and hospitals. This is very important especially for new buyers who may be starting a family or for the elderly who might not have as much mobility as they used to have. Having local public conveniences would save money and difficulties into the future.
The correct solicitor
The legal aspect of purchasing a home can be one of the most stressful times as there will be aspects arising that you may not have thought of. Conveyancing, land deeds, rental rights ect may all have to be dealt with at the time of purchase. It is important to have solicitors versed in home and property law who can navigate you through the paper work and explain what is happening and how to proceed though these areas.
Although it may seem a very long way down the line, thinking of your future for your new home is also quite important. For example, if you are purchasing a large home for a new family would you remain living there as you become elderly. Is it possible to rent rooms out of your home, can you rent the entire property in the future? This will depend on regulations in the area. Although down the line these plans can impact on your financial future and how you would like to develop your property.
Hopefully thinking of a few of these areas when you are looking at a new property will help you make an informed decision.