4 Things to Consider Before Buying A New Home

*This is a collaborative post*

For most people, the most significant milestone of their life is buying a home. Purchasing a new home can be overwhelming, considering the enormous financial investment you are about to make. Studies have proven that the average age of UK first-time homebuyers is 34  – a phase where you are full of energy, making a lot of decisions and trying to avoid making too many mistakes. However, with the right plan and considerations, choosing your new home shouldn’t be one of those pitfalls. These tips should help you make a worthwhile decision. 

• Your budget

One of the vital things to consider when deciding on a new home is your budget.  How much can you spend? To answer this question, you need to take a look at your financial plan. It is not advisable to spend all your money on buying a home. Before going ahead to make the purchase, be sure that you would still have enough money for the other home expenses you may incur, such as furnishings, utility bills, moving fees, and immediate fixes needed around the house. By reviewing your budget, you can also point out if you would need (and can afford) additional financial help in purchasing the home, such as home loans.

• Location

You need to choose where you will be living. As simple as this sounds, it requires a lot of consideration, especially if you have an immediate family. It is essential to consider the places you often visit and commute to. Ensure that the new home is closer to your workplace, your kids’ school, and other available parks and leisure places. Also, consider the safety of the location you may be moving into. Think about its safety and the overall general appeal of the neighbourhood. 

• Downsizing or upsizing

Purchasing a new home implies one thing; you are either downsizing or upsizing. Both situations require a plan and foresight to create a seamless transition as much as possible. Do you have a large household, or looking to expand your family? Perhaps you need space for your visitors, or maybe you just want a small place to be alone or stay with a partner. Deciding on whether you would upsize or downsize help in determining the area you would like to move into and the type of houses you can choose from.

• Permanency 

You need to ask yourself if you are looking for a transitional home or a permanent one. A permanent home means you have no intention of moving out, which takes a longer time to find. If it’s a transitory arrangement, you may have room for flexibility or anything close or near perfect. This is particularly important when making some financial commitments like mortgages and loans. You can’t enter into long-term financial obligations on a home you are planning to stay in for a short period.

Buying a new home is an exciting way to start your adult years or even start afresh. However, if not done right, it can be a financially damaging situation. This is why you should take a lot into consideration before going ahead with your purchase.