Buying a Property

Updated: Jan 7, 2020

The idea of buying a house can be daunting, specially for the first time. The reality of choosing a new place to live encompasses an incredibly large series of factors, all competing for your attention.

Luckily, we have made a step-by-step guide so you can find your dream house.

Decide where you want to live

Begin by determining what is most important to you and your family. If you’re single, living in a bustling city might be an ideal choice for your next home. If you have a family, on the other hand, a small town offers amenities that your kids will love. If you enjoy a friendly wave from everyone you pass while driving to the post office, then a smaller town is definitely for you. If you wish to remain relatively anonymous, a larger town or a big city is better suited to your personality.

Since buying a home is the single largest investment you will probably ever make, it’s important to research current home prices, the length of time homes are for sale, the resale values of homes, and probable long-term value estimates.

Also, by researching the crime rates and statistics for various areas, you can learn more about the safety of a town or neighborhood.

How much can you afford?

When buying a home, the first step is understanding how much you can afford. Most people want to buy as much property as they can afford, without being overstretched or with too little money to pay the monthly bills.

The first step is to draw up your overall budget and understand how much money you have at your disposal to pay for everything. This will depend on the capital you have at your disposal, and how much you can borrow against the property as a mortgage.

You should have calculated out how much capital you have to play with and how much you can borrow from a mortgage lender (both being your total home-buying budget) – and to state the obvious, that needs to cover the total cost of buying your home. If not, scale back your ambitions – or find some more money. But being able to afford to buy your new home is only the first step – to avoid repossession or mounting debts, you need to be able to afford to live in it.

Choose a specific property

Once you know the area you want to live, you should start researching the properties in that area thoroughly so you really get to know the local market well.

You need to visit as many properties as possible, and make sure they are no hidden surprises.Within three seconds of entering the house, you will know whether it feels warm and comforting. Does it seem to speak to you? Does the house invite you to explore? Does it feel, well... Right? Like home? Then it probably is.

The dynamics might not hit every bullet point on your list, but it meets the basic requirements. The house has the number of rooms and space you need. Maybe it doesn't have a garage, and in a flash of enlightenment, you realize that buying a house with a garage is not important. Being flexible about which issues are deal-killers is a good quality to develop.

The best you can do is to butter up local estate agents: feel free to contact us so we can help you in all the process!

3 views0 comments

Recent Posts

See All