Whether you are a first-time buyer or you’re an experienced buyer, there is quite an extensive checklist that you need to consider before buying a house. With the uncertainty of Brexit or no-deal Brexit, the property market will certainly be affected. Other than that, buying a house is a long term investment which is why you need to consider multiple factors before taking on this huge endeavour. Here are the 5 things that you need to look for when you’re buying a house in 2019!
Why are you buying this house?
Are you upgrading your life by shifting from a smaller house to a bigger house? In that case, you need to make an upgrade that doesn’t double your living expenses. Are you buying this house because you plan to start a family? You need to ensure that you have enough bedrooms and bathrooms to easily accommodate you and your family 20 years later – unless you plan to shift houses, again. Are you buying this house because of a change in job location? Then, you need to buy a house that is close to your workplace otherwise you will spend hours of your day just commuting. Depending on why you are buying a new house, you need to start looking at potential houses accordingly. What you need to look for in the house is based on your basic requirements and reasons for buying this property in the first place.
Where is this house located?
Location, location, location – location is key. Is this house close to places of daily travel like your workplace, the kids’ school etc? Is the neighbourhood a good fit for you, for your family? Is the house close to any public transport? Is the house in a safe locality? What is the crime rate in that area? What are the housing taxes and other such taxes that are applicable in the area of your potential home? It is suggested that you spend at least two to three days in that area before actually buying the house – by doing so, all the questions above, as well as any doubts you might have, will probably be answered.
Will you be able to afford this house in the long term?
This is divided into two aspects. One, will you be able to pay the mortgage five years down the line without burning a hole in your pocket? Before you even settle on a property or consider giving the down-payment, you should seek long-term mortgage advice from an expert. They will be able to give you a clear picture of how much money you’re going to need – from the first month of the instalment till the last. They might also be able to give you some advice on mortgage planning and smart-saving. Two, will you be able to manage the upkeep and maintenance required without feeling like you’re spending too much money? Say, you fall in love with a beautiful 5 bedroom house in the suburbs. That means a big fat electricity bill, regular cleaning and maintenance, high costs of renovation – after all, the bigger the house, the bigger the expenses. Plus the cost of travelling from your house to the city, daily. Will you be able to afford this house 10 years from now?
What is your lifestyle like?
Do you work 12 hours a day? Do you have the time to come home from work and clean your home? If not, it is better that you buy an apartment or a condo with minimal maintenance. Do you have kids? Do you want your kids to grow up in the suburbs or the city? Where are the kid’s schools? You need to decide what kind of house to buy based on that. Would you rather have a big house with a garden and patio that is away from the hustle-bustle of the city, or would you rather live in a smaller place that is closer to the city? These decisions will be affected by your lifestyle.
Will the value of this property rise or fall?
If you’re buying a house that you plan to live in till the end of your days, then this shouldn’t be a consideration. But, no one can predict the future and you never know where life might take you. What if you need to sell this house 10 years down the line? Will you get as much as you paid for, and more, or will you be forced to sell this house at a loss. What is the resale value of this property? What are the other houses in that area priced at? Has there been a noticeable rise or decline in prices? Will you get this house for a cheaper price if you buy it a year later? These are factors that you need to consider, especially since the property market is unstable in 2019.