5 Things to Consider When Starting Your Buying Journey

The prospect of buying a home may fill you with excitement or dread depending on what you choose to focus on. On one hand the prospect of being handed the keys to your first home is exciting! It represents a fresh start, a place to build memories, and an investment for your future. However, the process can also feel overwhelming at times, especially when you consider that there are so many steps in the process and it often takes months to get through. But fear not! By considering a few key factors at the outset, you can navigate your home-buying journey with confidence and find a property that perfectly suits your needs and lifestyle preferences. If you’d like help for your home buying journey, get in touch.

Here are five key things to consider before diving headfirst into your home-buying journey:

1. Budget Basics: How much can you afford?

Your budget is the foundation of your entire buying journey. It sets the realistic parameters for everything from the size and location of your future home to the type of mortgage you can qualify for.

Talk to a mortgage advisor to get an agreement in principle, which estimates the loan amount you'll qualify for based on your income, debts, and credit score. This also allows you to have realistic expectations and clarifies your price range. 

Next, consider the additional costs associated with buying a home. Apart from the deposit, you are looking at the cost of a mortgage broker, solicitor, surveyor, home insurance, life insurance and potential maintenance costs. Factor these elements into your budget to get a better picture of your affordability. A healthy financial cushion is key, so be mindful of ongoing costs and avoid stretching yourself too thin.

2. Location, Location, Location!: Finding areas that fit your budget and lifestyle preferences

Once you understand your budget, it's time to explore potential locations. Consider factors like commute time, proximity to work, schools, amenities, and the overall vibe of the neighbourhood. 

Do you crave a bustling city centre or a quiet suburban town? Is good public transport essential, or are you a dedicated driver? Is proximity to family and friends important to you? Prioritise your needs and visit neighbourhoods that tick the most boxes. Researching local crime rates and property values is also crucial. Don't forget to actually visit a potential neighbourhood in person to get a feel for the atmosphere and local community.

Remember, location often has a significant influence on property value. While living in the city centre  might be convenient, it will also translate to a higher price tag. Be flexible and consider areas that offer good value for your money.

3. Affordable Housing Schemes: are they right for you?

Government-backed affordable housing schemes can be a fantastic option for first-time buyers, offering r These schemes can offer benefits like reduced deposits, shared ownership models and  lower mortgage rates. However, these schemes often come with eligibility criteria and restrictions like income limits or resale conditions. Understanding the various schemes available in your area is vital. Research their eligibility criteria, potential limitations, and how they might impact your choice of lender. While some lenders readily work with affordable housing schemes, others might have limitations. Explore the pros and cons to determine if an affordable housing scheme aligns with your financial situation and long-term goals.

4. Future-Proofing your search: What boxes does your property need to tick?

While it's tempting to focus solely on your current needs, consider your future plans as well. Do you plan to start a family? Will ageing parents need to live with you eventually? These factors can influence the size and layout of the property you seek. Think about essential features like the number of bedrooms and bathrooms, outdoor space, and accessibility. If working from home is a possibility, dedicated office space might be crucial.

While some things can be altered later (adding a patio, for example), major structural changes can be expensive. Remember, modifying a property later can be costly and time-consuming. Planning ahead minimises the need for costly renovations down the line and ensures your home caters to your evolving needs.

5. Dealbreakers vs. Compromises: Defining your must-haves

Let's be honest, no home ticks absolutely every box. Before you start viewing properties, identify your dealbreakers – the things you absolutely cannot live without. This might include a minimum number of bedrooms, a specific location, or a dedicated workspace.

On the other hand, be prepared to compromise, some features are negotiable. Perhaps a second bathroom isn't essential, or you could live with a smaller kitchen if the price and location are perfect. Having a clear understanding of your priorities and where you can be flexible will help you find a home that truly feels right, even if it doesn't check every single box on your initial wishlist.

Investing in your future home is a significant decision. By carefully considering these five key areas, you'll be well-equipped to navigate the home-buying journey with confidence. Remember, research is key! gather as much information as possible or talk to experts. Equipped with knowledge and a clear plan, you'll be well on your way to finding your new dream home! Find out how we can help equip you to buy a home that aligns with your current and future plans. Book a call with an expert.