Whether you’re searching for your first home or your forever home, you’ll most certainly have a list of priorities of things you want in a property. What is absolutely essential? What are some things that would be nice to have? Do you have a preference for property type, age, location, etc. What can you be flexible on when it comes to your house search? Read on for some ideas of what to include in your property priority list.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Property type
Many people might not be aware, but there are actually two different types of property available in the UK — a ‘freehold’ and a ‘leasehold’. It’s important to know which kind of property you want because the difference determines the property cost and how much you actually own.
If you want a freehold property, that means you wish to own the property and the land it sits on. However, with a leasehold property, you only own the property, not the land.
Included in the sale
Certain property aspects stay with the property and the owner won’t take them with them when they move, so if you have ideas in mind for your dream home, be sure it’s clear what is included in the sale.
Some things you might not even think about could end up costing you a bit more or even make or break a property’s appeal such as garden sheds, white goods like a refrigerator or washing machine. Is it important for the home to be turnkey, complete with carpets, furniture, etc, or do you want a blank slate so you can make the home your own?
Timeline
If you’re in a rush to find a new home, that could limit your options — something that might make the home search harder or easier depending on how many other factors you’re including in your hunt. If there’s no chain, you’ll not only be more attractive to sellers, but there will be no unnecessary waiting for anyone, you’ll be able to move in as soon as possible. But if time isn’t a factor, there’s a good chance you can find something that’s exactly what you’re looking for — or at least something pretty close.
Price
Arguably one of the biggest factors that will help determine your next property is price. Most sellers know there will be a negotiation, but who comes out on top will depend on the state of the market. If the seller is in a hurry to sell or if the property has been on the market for a while, there just might be a chance for you to save some money on an offer.
If you’re searching for your first home or budget is particularly important to you, consider purchasing a home that falls under the threshold for paying stamp duty — it could mean big savings for you.
Don’t forget to consider your other regular expenses on top of your monthly mortgage payments. Be sure you can afford utilities and other essentials like water, electric, heating, and council tax.
Location, location, location
Do you want a lot of green space? Access to public transport? Is a close-knit community important to you? If you have or are planning to start a family, schools and crime rates will be important to know. The proximity to shopping and entertainment might be what makes a property shoot to the top of your list. Where you want to be and the kind of lifestyle you want to live is a huge influence on where you will ultimately end up.
Are you ready to begin your property search?
If you’ve got your priorities sorted and are ready to start searching for your new home, we’re here for you. Dental & Medical Financial Services will help you find a mortgage that’s right for you and guide you through the entire process.
Get in touch with us no to discuss your options.