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Whether it’s your first house or your forever home, the process of purchasing property can be highly stressful. Unlike moving into a rented property, where you have a landlord that takes accountability for any issues with the building, being a homeowner comes with its own set of responsibilities. Owning your own home is a long-term commitment and investment that has the potential to bring in huge rewards, but it also requires a lot of work.
Seeing as purchasing a home is a major investment for a family, it is not a decision that can be taken lightly, and requires a great deal of forethought and preparation. If you are starting to think about buying property, here are a few important tips to help you along the way:
Location
One can never underestimate the importance of location when it comes to buying a family home. Choosing the right neighbourhood will make the process of finding a suitable home for the family much easier. Proximity to work, access to key transport routes, availability of good local schooling options and the nearby amenities all come into play when you are considering the location of your future home – so be sure to get your priorities straight before you begin house hunting.
Costs
Next comes the sensitive subject of finances. When one considers buying a home, you simply can’t avoid money matters. This doesn’t just mean factoring in the amount of cash you have available for purchasing the property itself as there are so many additional costs to consider. Think in terms of legal transfer fees, home insurance and if you happen to be buying an older property, the cost of renovations not forgetting the expenses associated with moving itself. Don’t forget the cost of utilities either; if you happen to be moving to a bigger home, chances are you’ll be paying more in terms of electricity, water and gas bills too.
The Future
Finally, when looking to buy a new home, it’s important to consider the future. I’s important to think in terms of your future and that of your family. Are you planning on growing this family? If so, can this home accommodate extra people. It might also be useful to think about your old age. If you plan on growing old in this home, then it’s important to establish whether this property is suitable for the needs of an ageing person. Beyond your personal circumstances but it could also be wise to consider the future of the neighbourhood – are there any major planned developments for the area that could alter the value of your home? Are you willing to deal with the consequences of construction and traffic associated with any future developments in the area?
Purchasing a new home is a major, expensive decision. There is a lot to consider, so take your time and invest effort in doing plenty of research. Pinpointing the type of property suitable for the needs of your family in the right neighborhood is just the beginning of your mission. You’ll also need to consider the future if you want to make a sensible investment that you won’t regret further down the line.