Three Things to Consider When Looking For a New Home
Beginning the search for a new home is an exciting time for many. But before jumping in and making a purchase, it’s important to do the necessary research before you start the house hunting stage. Here are three things to consider before you begin the search for your new home.
Know your budget for buying a new home
As tempting as it might be, no good will come from looking at properties which are out of your price range. Setting your sights on new homes which are above your affordability will only lead to disappointment, so what you can afford needs to be what guides your search for a new home from the onset. Most mortgage lenders will allow you to borrow up to four and half times your annual income, but this isn’t a fixed rule.
Lenders will look ahead to consider whether you can keep up with your monthly mortgage repayments if your circumstances were to change, or if interest rates were to rise. What a lender is willing to allow you to borrow may be limited if they feel your ability to meet these repayments in the future could be compromised too. That’s why when you’re looking to buy a new home, it’s often helpful to seek the advice of a qualified mortgage advisor.
They will be able to offer advice and guidance on how much you can borrow. It also helps to have a mortgage agreement in principle before you start searching for your new home. A mortgage agreement in principle is a document from a mortgage lender stating how much they are willing to lend you ‘in principle’. This can be helpful, particularly for first time buyers, in proving to a developer you are able to afford the property you’re interested in. And when you do find a home you’re interested in buying, a mortgage in principle can help to speed up the buying process in terms of getting your offer accepted.
Research the location where you’re buying a new home
It would be hard to come by anyone who has not heard the mantra ‘location, location, location’ when house hunting. And it’s no wonder! Houses can be decorated and updated over and over again, but they can’t be picked up and moved somewhere else. So considering the location of the property from the onset is a wise decision. Homebuyers who prioritise location during their house hunting journey, and buy in the best location they can afford are more likely to benefit in the long term.
This is because if and when a time comes in the future where they decide it’s time to sell up and move somewhere new, their property will have a good resale value. So how do you know a good location when you see one? Consider what amenities are close by, such as GP surgeries, entertainment, green spaces and public transport links. Looking for areas which have schools with either a good or outstanding Ofsted rating will also improve a location’s desirability, so it’s worth checking the most recent Ofsted ratings of schools closeby.
Consider what supermarkets are nearby too, as research has shown that living near a
Waitrose can significantly increase a home’s value. At Chartford, we know how important it is to love where you live, which is why we have built our new homes in some of the best and most sought after locations in all of Yorkshire, including
Burley in Wharfedale,
Woodlesford and
Burton Leonard.
Consider the space you need from your new home
When house hunting for your new home, consider what size property you actually need. For example, those looking to move with children or those looking to start a family in the future are likely to look for a property with enough bedrooms and bathrooms to comfortably accommodate everyone down the line. This applies too to those who like to host family and friends, and enjoy inviting people to stay over.
On the other hand however, buying a large property with lots of space when it’s not necessarily might not be the most practical idea. Remember, it’s still all to decorate, furnish and look after, which can quickly become unmanageable! And it’s not just the space indoors that matters. House hunting with pets? Then it’s likely you’re going to need an outdoor space to accommodate your furry friends. Fortunately across our developments at Chartford, you will find examples of 2, 3, 4 and even 5 bedroom homes, so you’re sure to find a new home that’s perfect for you.
Once you’ve found a property you like the look of, don’t forget to cast your eye over the floorplans. This will help you to visualise the size of the spaces, and the relationship between the rooms. The next obvious step then is to arrange a viewing, so you can physically see the rooms and how the spaces flow into one another.
So whilst buying a new property is an exciting prospect, don’t forget to factor in these important considerations as part and parcel of your house hunting efforts.
Happy house hunting.