Things to consider when buying a house

Most buyers decide to purchase or reject a home within seconds of walking through the front door. No matter your age, properties have an atmosphere, and you don’t have to be oversensitive to feel something good, or bad.

On paper a property may appear ideal, but if the initial vibes aren’t right, try to take your time to take it all in. It may take time, but you will find somewhere special to suit your needs and make you happy.

So, what are the most important things to consider when buying a house? Well, we’ve created a list of things to consider when buying a house to help you reach a decision.

Financial considerations

• Affordability: Understanding your affordability before you do anything is crucial, because it saves you wasting time looking at properties you can’t afford. Lenders will factor in many things to determine your affordability. Some key things include your income, any debt, your credit history, and your deposit amount. A great starting point is our free mortgage affordability calculator, this will give you an idea of what you could borrow.
• Deposit: A deposit is one of the most crucial factors any lender will look at. The more you can put down, the better chance you have of accessing a competitive mortgage product with better rates. Therefore, if you can save that extra bit of money, try and do it.
• Interest Rates: Research your options and take your time to find the best mortgage interest rate. A small difference in interest rate can save you tens of thousands of pounds over the life of the loan. Consider all the different types of rates offered including fixed rates, variable rates, and tracker rates etc. Using a mortgage broker is a great way to find the best deal, their experience will be able to direct you to the right lender based on your needs.
• Other costs: Some other costs you will need to keep in mind are arrangement fees, broker fees if applicable, surveyor and legal costs, and stamp duty. If you want to get an idea of the costs you may have to pay, reach out today and our advisers will take you through step-by-step.

Property considerations

• Location: You will need to consider your lifestyle, commute, proximity to schools (if applicable), amenities, and crime rates. Think about how long you plan to stay in the house and whether the location will suit your future needs.
• Size & layout: Make a list of your must-haves in terms of square footage, number of bedrooms and bathrooms, and desired living space. Your budget and affordability will be able to help give you an idea before you start house hunting. Keep in mind both current and future needs – do you plan on having a family? Will you need a home office?
• Condition: Get a home inspection to identify any major repairs that may be needed. Look for signs of structural damage, water leaks, mould, and outdated electrical wiring or plumbing. Even with new builds, things can slip through the net and be missed initially.
• Schools: If you have children or plan to start a family, research the quality of the schools in the area. Do you meet catchment areas for local schools etc?
• Energy efficiency: Look for features that can save you money on your energy bills, such as Energy Star appliances, newer windows, proper insulation, and solar panels.
• Potential for future development: Consider any planned construction projects in the area that might affect your views, traffic, or privacy.
• Local area: think about what the local area is like, is there a high crime rate? Are you located near a busy road, motorway, or railway tracks? If these things don’t bother you they could be used as some bargaining power.
• Parking: How much space do you need for vehicles? Will you be happy leaving your car on the street, or would you prefer a driveway or garage? Have you got a child who might start driving soon? If so, if they get a car where will it go?

There are also issues beyond these factors that can have an impact. So, it can be sensible to have a full surveyor’s report to identify any structural problems which may otherwise be missed.

Consider the different types of surveyor’s reports available and decide which is best suited for the age and style of the property. Solicitors/conveyancing experts will also protect your interests by checking for anything not included in the property deeds:

• In rural areas, owners may be responsible for maintaining lanes (such as bridleways) bordering their land. Whilst some new developments can make residents responsible for communal site maintenance, including roads and play areas. In these circumstances, a residents’ management company is the best solution for controlling costs and employing contractors, but it will come with an annual cost.
• Tree Preservation Orders (TPO) may apply in private gardens as well as public areas; you risk prosecution if undertaking any works without the Council’s permission. Preserving the environment is now regarded as an emergency by most local authorities, so there would be little sympathy for anyone breaching the regulations.
• Vendors must disclose if they have Japanese Knotweed, which can damage property foundations, providing evidence of treatment by approved contractors. Removing without following correct procedures can incur a substantial fine or even a prison sentence.
• Although little known, some property owners may find themselves liable for repairing local Anglican churches (usually in rural areas) dating from the Tudor period and earlier. However, insurance, costing an average £40, is usually available against potential claims.
• In conservation areas, restricted covenants may apply, for example, limiting colours used when redecorating externally, or the location of satellite dishes! The same restrictions may apply to listed property conversions or new builds on private estates.

Long-term future considerations

• Maintenance needs: All houses require maintenance. Consider the age and condition of the roof, heating and air conditioning systems, appliances, and the foundation. Also think about external factors such as garden and groundwork.
• Potential for upgrades: Think about any renovations or upgrades you may want to make down the line. How much will they cost, and will they add value to the home? Will you need planning permission to carry out what you want to do? If proposing to make any internal or external alterations to a listed property, consult your local planning authority on its policies. Authorities may interpret national guidance differently, having a considerable impact on building costs.
• Resale value: Consider how long you plan to stay in the house and how easy it will be to resell when the time comes. A property may seem cheap when you buy it, but is this because it has been hard to sell?

If you’re looking to get on the property ladder, move house, or purchase your first investment property, reach out today. Our expert advisers are on hand to discuss your needs.

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