There are many reasons people invest in a new home. Young professionals decide it’s time to fly the family nest. Newly married couples believe now’s the time to build a home. Retired people are downscaling.
Whatever the reason, things to consider before taking the plunge are pretty much the same.
- First and foremost, buy in the right area. The right area means different things to different people. So before signing on the dotted line, ask yourself; I like the house, but do I like its location? Be objective!
- Don’t waste your time looking at houses that you can’t afford. The big trick is to work out what you’re willing to spend before the house-hunt begins. Know your ceiling. Consider all the costs, not just the obvious.
- Have a good idea of the size you need. And think long-term. A one bedroom is not ideal for newly-weds. Chances are they’ll soon be hearing the pitter-patter of tiny feet. A 3 bedroom is not ideal for a retired couple, unless of course, they often have family or friends staying over.
- The previous point relies heavily on answer the following question; is it a forever home or a transitional one? It’s forever, it must fit all your requirements as perfectly as possible. If it’s transitional, a short-term investment, you can afford to be more flexible, choosing something that’s good but not perfect.
- Remember to ask questions, many, many questions and never, ever rush into a deal!