If you’re considering a move away from the big smoke of London, or are looking to buy your first property, a new build is well worth thinking about. While a large number of people fantasise about a period property and the ‘character’ that comes with it, the fact is that older properties are more expensive both to buy and upkeep, and therefore likely not to be the best investment for your hard earned cash.
They say that buying a house is one of the most stressful things you will do in your life. So, before you make this monumental decision here are some things that you need to consider.
It’s all very well having a beautiful home, but if you aren’t close to local amenities you might find that your love for it soon turns sour. Having to get in the car and drive for half an hour to reach the nearest shop might suit some people, but for the vast majority of us it would soon turn into a gigantic pain.
Consider realistically how close you need to be to amenities such as schools, shops, post offices and banks. Factors you will need to take into account include whether you have a car, how busy your life is and if you have any kids. Write down every likely journey you will need to do in a week, and then calculate how much of your life will be spent travelling – this should put things into perspective!
It’s also worth considering how close you want to be to friends and family. Although you might think that moving away from them will be fine, you could quickly discover that proximity to them is integral for your quality of life.
Can You Add Value?
Your home will probably be the biggest purchase you will ever make, and the smart move is to make sure that whatever you buy can have value added to it. Don’t be blinded by fancy décor, it’s the bare bones of the house and things like space that really matter. This will mean that you can move up the property ladder, and it will also put you in a great financial position for the future.
Some of the best ways to add value include adding an extension, converting a loft or basement or knocking down walls to add light and space. However, there are a number of things that you will need to consider. Firstly, you will need to enquire about planning permission which is usually applied for online. In the UK the rules regarding local area’s planning permission are slightly different, but local authorities will have a website where information, contact details and relevant documents can be found.
You will also need to get a reputable builder to visit the site and provide you with a quote for the work. The price of this will likely affect how much you can afford to pay for the house. Bear in mind that if you can’t afford to make the changes right away you will have to live with them for some time – will this be practical?
What Will Your Life Be Like in 5 Years?
When you’re buying a house you need to consider what your life is going to be like in the future. It might be convenient to live in a city centre apartment now, but if you’re imminently planning to have kids you’re going to grow out it pretty quickly. Not only is moving again in a hurry a massive hassle, but it won’t make financial sense if you haven’t had time to add value or pay off much of the mortgage.
The five year rule is a good ballpark guideline – this basically stipulates that if you don’t want to take a hit financially you need to live in a house for around five years. Try sitting down with whoever you’re moving in with and brainstorming your future goals. This way you can establish a rough idea of how you want your life to look, and therefore the kind of house and area that will suit this vision.
Is the Property Developer Trusted?
Choosing a reliable property developer like Linden Homes is an essential part of making sure you get the property you want. As they will be the ones building your home it’s worth doing some research in to their reputation and checking out some reviews on the quality of their builds online. Some property developers will also offer optional extras such as carpet and flooring, which could save you money.
If you’re moving, a new build is well worth some consideration. Not only are they often cheaper to buy and maintain than period properties, but they also often have a more practical layout and more modern amenities. Before you take the plunge, however, there are a number of important things to consider such as whether you can add value and how trusted the property developer is. After all, as one of life’s biggest purchases you need to make sure you get it right!
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