Wed 22 May 2019

Buying a Property?  Make Sure you Make the Right Decision

Buying a new home is one of the biggest purchases you will likely make in your lifetime.  So, it’s super important to spend the time making sure that you make the right choice.

It’s incredible to think that people sometimes spend more time choosing a pair of shoes than they do with making a snap decision to buy a house!  OK, this isn’t a verified statistic, but my personal experience with buying both these things bears it out!

Fear of Missing Out

FoMo has become a big thing lately, with social media playing a big part in making people terrified they are missing out on the “next big thing”.  But, if your next big thing is a property, then it’s a good idea for you to think things through before parting with your money.

If you don’t want to regret your house purchase, and risk being on the move again with 12 months, make sure you consider the following carefully:

Location

As the popular property programme tells us three times – location is pretty important.

• Is your commute to work sustainable?
• Are you close to facilities you need to be?
• Will you be moving too far away from friends and family?

There’s often a compromise somewhere along the lines in a house purchase, but these things are the most common factors that are cited when people are looking to relocate.

Affordability

It’s unlikely that you’re going to purchase only one property in your lifetime.  So, if you fall head over heels in love with your forever home as a first time buyer – don’t be tempted to stretch the budget and live on beans for the next few years!

Bear in mind that interest rates vary, as does the cost of living.  If you overstretch your maximum expenditure you might end up resenting the house you once loved, or, having to sell it because running it becomes unaffordable.

Scout it Out

My first property was not an impulse buy.  I spent a long time considering the house, it’s features, how it would work for me in the immediate and medium future.  But, I made the fatal mistake of not visiting the local pub.  Had I have done, I might have saved myself the costly expense of having to sell up and move out within 8 months.  This also cost me the one-time benefit of paying no stamp duty.  

So, check out the neighbourhood. Visit the pub!  Make sure you’re going to be comfortable in the area, not just the house.

“Moving in to your new home should be the start of a dream come true”

says Oulsnam Director Andrew Oulsnam.

‘Don’t rush into a house purchase because you are caught up in the fear of missing out on a good house or a great deal.  It is an expensive process to rectify if you find yourself regretting your home purchase, so make sure it’s 100% right for you before you put down a deposit and go through the process of buying.”