Buying a home is likely one if not the biggest financial commitment you’ll ever make, and with so much to think about, it’s easy to feel overwhelmed right from the start – or to make a decision you might not feel informed enough afterwards. So, one of the key steps before this all takes shape, is to know what you really want and need in a house to make it your home.
What does your life look like?
We know this is a broad question but take a moment – or a few – to think about your lifestyle. What does your ideal life look like and how can your property mirror this? Consider, for example, how far you’re willing to travel to work or school or how close you want to be to shops, restaurants, parks or any other amenities. Do you want a garden or is a balcony enough? Rooftop terrace, maybe? What room sizes do you need? Will the property still suitable when you retire?
Ensure that your property has enough space for your current as well as your future needs. Don’t just look at what fits now – especially if you’re planning a family. We also highly recommend looking for properties with good energy efficiency ratings to help reduce your energy bills. New houses lead the charge, of course, but make sure you get as high as you can, especially as Yorkshire has on average the lowest median energy efficiency score.
Nail down what really matters to you. The big things. And do not commit to a home that don’t fit and zero in on ones that do. A good idea is to just write things down and divide them into columns such as “Must-have”, “I’d love that” and “Could live without it”.
Do you have a budget?
We can’t emphasise on this enough: set a realistic budget. Consider your income, savings and whatever other financial commitments you have. Keep in mind that once you buy a house, mortgage payments will join the party, as will property taxes and insurance. And, now that you’re the owner, maintenance costs for repairs and renovations will fall on you as well.
A solid budget right from the get-go helps in avoiding overspending and ensuring that you can afford the payments that are being asked of you without having to sacrifice or fall behind on payments.
Buying a home is a big investment, so take your time to really prioritise. It’s easy to rush into things thanks to the fear of missing out, so try to not get caught out by it. If a house might seem like a great fit but doesn’t tick all your must-haves? Let it go! Something else might just be around the corner.
