How To Pick The Right Property

Buying a property is one of life’s biggest decisions. And according to research published by Statista, it’s a decision that more than 409,000 Brits made for the first time in 2021 – reaching an all-time high.

Yet with so many things to think and learn about before making a property purchase – ranging from forms of help such as lifetime ISAs to the meaning of loan-to-value ratios – it’s easy to get overwhelmed.

We’ve written this short article to shed some light on one particularly important part of the process: picking the right property. Read on to learn the key aspects you need to consider.

Create a budget

Prior to starting your house hunt, you need to have a clear idea of what you can and can’t afford. That’s why it’s so important that you create a budget.

And when it comes to viewing properties, you need to stick to that budget. It can be tempting to buy beyond your means if you see a property you really like the look of – but this may come back to bite you in the form of mortgage payments you can’t afford.

Choose your location carefully

Take the time to consider which location will suit you best. Typically, the community and area you live in are just as important as the house itself. Take the following factors into account:

• The setting – Would you prefer to own a house in an urban, suburban, or rural area?
• Commuting times – How long will it take you to travel to work and drop the kids off at school?
• Local amenities – Will you have access to good shops and restaurants?
• Schooling quality – Will your children be able to get a good education living in this area?
• Green spaces – How far do you have to travel to connect with nature and unwind?

Plan for the future

You need to account for your longer-term goals when selecting a property. Are you a first-time buyer, who will likely want to move on within a few years? Or will you eventually want to rent out your property to earn a little extra income? In the latter case, you’ll need to ensure the property is suitable for letting later down the line.

Focus on fundamentals

Make sure you distinguish between the things that you actually need from a property and the things that would be nice to have. For instance, it’s easy to make changes to superficial features such as colour schemes or layouts.

However, you’ll likely have to put up with structural features such as room shapes and total floor area. Decide what’s essential to you before you begin your search.

Finding the right property is no easy task. Yet by implementing our advice, you can make it significantly less difficult. What are you finding most difficult about your house hunt? Share your experience with us in the comments section.