There are many things that you need to consider before buying a house and quite a few of them you will already of thought about or noted down. But, there are also some that are overlooked and I have to hold my hands up and say that there are a couple on this list that I did not even think about or consider when buying our house. To be fair we had such a small window when buying it as we were in a little bit of a bidding war, but we got lucky. Now we are on the move again and these points I have gone through and have noted down every single detail, so I am ready to jump on the house of our dreams.
Do The Maths!
Buying a house is not simply paying the price of the house or the amount of money that you can borrow for a mortgage. There are additional costs that add up and can end up seeing you lose out on that perfect house if you had not prepared or budgeted yourself for it. There is stamp duty to pay depending on your circumstances, legal fees, conveyancing, house survey, land registry fees, as well as the actual moving costs. It can add up to thousands, and in our case, we are looking at around £20,000 – £25,000 extra. There is a great calculator on the Rightmove website that gives a rough estimate of the buying or buying and selling costs, but it can be more or less depending on your situation.
Research The Area
When viewing a house that you like, make sure you view it a few times and at a different time of the day. This way you can get a clearer picture of the area, whether there is lots of traffic and what the neighbour’s lifestyle is like. You don’t want to jump with both feet in on buying a house in an area you thought was peaceful, to then find out your neighbour has lots of dogs that bark all the time, and rush hour traffic comes past your house. It could also make it harder to resell in the future.
Where Are The Power Points?
You might think I am joking when it comes to where plug sockets are located and how many there are, but we now live in a tech-savvy world where this is highly important. Conveniently placed plug sockets will have you imagining where your furniture will go and how you will use the room. Not enough plug sockets or a possible rewiring of a house will make you question it and also should make you start thinking about extra costs.
Do you need to commute to work? What is the nearest train station or bus route? Does the area have a park, school, shop or pub? Working out what you want from a prospective area to call home, will help you decided whether a house you view is going to be suitable for the lifestyle you are after.
You may have children now or a family is on the cards in the future, which means where a property is situated in an area will determine what school catchment it is in. If there is a certain school you want your children to go to will help make the decision of what areas you want to look in when searching for a house. If you buy a house in the catchment to a great school will also help the resale of it in the future.
These are all the points we have added to our search so we have more of an understanding of what we are looking for and where we are looking for it. It now just comes down to the price of that potential dream home, but we are not afraid of doing work to it if its the right house for us.