A lot of good stuff goes with buying a new home – but sometimes it isn’t because it is what we want to do; it is what we think we should do. Many people have found that once they have committed, they wish they had thought it through for a little longer.
Before signing on the dotted line, what are some things worth considering before you buy a new house?
Photo by Tierra Mallorca on Unsplash
Why do people buy new homes?
One of the obvious ones is that they want their own space and are moving out of the family home, or they have met a new partner and want to move in together. And that is super exciting! When we speak about new homes here, we don’t mean a new build – but a home that is new to them.
There are a few other reasons that people want to move to a new home; one is that the housing market is in their favor, and it is a good time to sell and make a profit. Time it right, and you can see some significant cash in the bank!
Expanding or growing families tend to need more space, so a two-bedroom modest apartment might’ve worked for them when the child was younger, but as they grow, so does the amount of space they take up. And even if it is just for a few years more that they live with you, they will appreciate having more space for themselves. Or perhaps you have just decided to start a family and want to have as much space as you can ASAP.
Security is also a big one; many people have experienced difficult landlords or have spent years on waitlists for rent-controlled or government-owned properties.
But what are the considerations that you should make ahead of buying a new home?
Budget
Budget is a big one, but the bigger your budget, the more you should consider switching from buying a pre-built home to working with a custom home builder. Many people, when looking at their first house, look at the price tag – and while that is a good start – it is just the tip of the iceberg, and actually, there are a lot of costs that add up.
It is recommended that you have at least 20% of the house sale price just to cover the extra costs that come with buying a home.
It could mean costs of up to $40k on top of what you have already paid for a deposit and the cost of the house. While these costs are often spoken about, many homeowners forget to factor them in.
So, when looking at your budget, add a healthy 20% on top to make sure that what you think you can afford is what you can actually afford!
Is it right?
Many buyers walk into a house and announce it as ‘the one,’ and after looking at 20+ houses, it is easy to understand why. But the truth is unless the house was specifically built for you, there is going to need a little bit of work to make them really right.
Many people who are searching for a new home will make a list of the things that they want – but it can be more beneficial to make a list of the things that you don’t want. This list of must-not haves can be a healthy reminder to look more than once at the little things. For example, that door that opens the wrong way might feel quirky while you’re browsing homes, but is it something that you will be able to cope with on a daily basis, or will you want to change immediately?
What about the fact that the kitchen feels a little bit too small? Will you be able to cope, or are you already planning to extend it?
Take more than one look at the house, and try to make sure that you do it at different times of the day. You’ll be able to see it in full daylight – which is important, and then at night, it will tell you what you might need to know about the area.
Location
The location that you choose has to be something that will work for you in the future. Imagine you don’t have children and haven’t thought about having them too much, but you move to somewhere that the nearest school is far away by any stretch.
With the combination of the long commute to school, work, and more, you might start to find that distance tough. Or perhaps you drive right now, but there is an issue in the future that means you can’t drive as far – but your nearest supermarket takes 30 minutes to get to.
Then, make the location closer to the city center, and every time you visit in the day, it is lovely, but at night, there are streams of people heading to clubs, pubs, and late-night openings.
The location matters, but it can be tough to really consider this one because it only unfolded after a period of time. So make sure that you speak to people in the area. It can be a great idea to start with the next-door neighbors.
Within the location comes the site. The site is things like, is the house sitting at the top of a lot of stairs? Is it high on a hill? Are there any things that might be dangerous around the home, like uncovered stairs or a lack of gates? What about the driveway? Take some time to inspect the site, too, so that you know that your future (or current) pets and children can be kept safe.
With a long list of things that you are better off avoiding, what are some of the things that can make your home the one place that you also love to come back to? What makes it perfect and what Home Features To Keep an Eye Out for When Buying a House.
