If you’re considering buying a house, you have a major journey on your hands. Houses tend to be the most expensive thing that people invest in their lifetimes. On top of this, your home can significantly impact your overall happiness and wellbeing. So, it’s not all too surprising that you’re going to have to take your time over this venture. Here are a few areas of focus that can get you started on the right track towards happy home ownership!
Coming Up With a Budget
Unless you’re lucky to have a huge amount of cash put aside to buy a house outright (which very few people do), you’re likely to have to engage with a mortgage broker and take out a mortgage for your home. This is essentially a large scale loan. You’ll put a deposit down (often 5-15% of the property value), use the mortgage to buy your house and then pay back the lender in monthly installments. Seeing as mortgages tend to last for about 25 years, you need to make sure that you can have a good time at the same time as paying for your house. So, before choosing a property, you first need to determine what you can afford. This means coming up with a budget. There are plenty of free to use mortgage calculators out there that will take your income and outgoings into account and determine what price bracket you should be looking within.
Once you know what you can afford, you can see how much of a deposit you need to save. Of course, saving can feel tough, but if you’re committed, you will get there eventually. Try to use a LISA or other high interest savings account that will help you reach your goal sooner.
Deciding What You’re Looking For
Next, you need to know what you’re looking for within your price bracket. Choosing a house is actually much harder than you may initially think, as you have to take your entire lifestyle into account. Here are some questions to ask yourself before choosing any property in particular?
- Do you want to live near friends?
- Do you want to live near your family?
- Do you want to live near your place of work?
- Do you need to be close to schools for children?
- Is the area you’re considering deemed safe? What are crime levels like?
- Would you like somewhere quiet? Or do you prefer inner city bustle?
- Do you need access to certain amenities?
- Are there entertainment facilities you want close access to?
- How many rooms do you want?
- How many bathrooms do you want?
- Do you need a garden or land surrounding the property?
- Could you extend on the property you’re looking at?
- Would you like a garage?
- Would you like an en suite?
- Would you like an annexe?
- Would you like a shed or outhouse?
These are just a few steps, but they’ll definitely get the ball rolling. Incorporate them into your lifestyle and you’ll soon find the perfect home to spend years in!
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