Buying a house is often said to be one of the most important decisions you will ever make.
It is a decision that, due to the difficulty of getting on the property ladder, more and more people are making later in life. However, purchasing the right home at the right time can provide significant long-term security and benefits.
For anyone considering buying their first home in the near future, here are our top nine tips. Much of this advice is common sense and is equally applicable to existing homeowners planning to move.
- Sort out your finances before house-hunting in earnest.
It’s surprising how many people find their dream home and only then contact their bank. Don’t make the same mistake. Unless you’re buying without a mortgage, find a lender you trust and determine how much they are willing to lend you by securing a mortgage in principle. You also need to figure out the size of the deposit required and, if you’re a first-time buyer, check if you qualify for the government’s Help to Buy scheme. - Research potential areas where you can afford to buy.
Put together the key elements of your “home puzzle”—how much you can afford, how far you’re willing to live from work, and other essentials. Then look for areas that meet those criteria. “You should also keep an eye on Land Registry house price data to monitor price trends in a given area,” advises Mark Charter of Carter Jonas in Oxford. - Focus on one area initially, rather than a scatter-gun approach.
If you’re short on time, it’s crucial not to waste energy on unproductive efforts. Identify one area as your primary target and thoroughly explore it for viable properties. Only if you come up empty-handed should you start looking in other areas. - Identify promising locations.
These areas often offer better value for money. For example, is a particular town set to benefit from improved transport links? Are there significant redevelopment projects on the horizon? Researching this kind of background information can give you an edge. - Leverage trustworthy local agents.
Experienced agents who know the area well can provide informed opinions on the market value of a property, which may differ from the asking price. The best agents have years of expertise in the local market. “You need someone with a steady hand who can take some of the emotion out of the purchase,” says James Evans, CEO of Douglas & Gordon. Find an agent you trust in your chosen area. - Look for properties with potential for improvement or expansion.
Not all homes can be easily enhanced or extended. New-builds or properties in conservation areas with strict planning regulations might limit your options. However, a home with potential to grow alongside your family can be an excellent long-term investment. - Don’t underestimate the importance of good transport links.
This is particularly relevant if you’ll be commuting daily. If a property is advertised as being “within 40 minutes of Waterloo,” for example, make sure to factor the commute into your daily routine. - Research local schools if you have or plan to have children.
Don’t rely on second-hand opinions about schools. Expect to pay a premium to live within the catchment area of a good school, but this is often a worthwhile investment. Proximity to quality schools can also help maintain the value of your property. - Visit properties at least twice before making an offer.
Ideally, visit at different times of day. Some areas may appear charming in the evening but less appealing during the day, or vice versa.
Find the right property, secure it at a fair price, and furnish it to reflect your personality, and you could be sitting on an excellent investment.