The Five Most Important Factors to Consider When Buying Your Dream Home
Buying property is a big investment. It’s crucial not to rush into a decision to invest in the perfect home, which will ensure you will spend many happy years at the address. However, you need to do your homework on which common pitfalls to avoid when investing in property.
To make sure you don’t rush into a decision you later come to regret, read the five most important factors to consider when buying your dream home.
The Best Features for You
Investing in a dream home is more about fulfilling your wishes than meeting your basic needs. If you want to purchase a property where you would happily spend the rest of your days, it needs to offer all the features you’ve been dreaming about for years.
For example, it should offer plenty of bedrooms for the whole family, a stunning view you will love to wake up to each morning, and friendly neighbors who will make you feel a part of a community. If it doesn’t tick every box on your list, keep searching until you find a property that does.
Potential Property Problems
The current homeowner will most likely have done everything they can to promote the property in the best possible light. It’s your job as a prospective buyer to ensure there are no red flags that could become an issue once you’ve moved in. For example, always run the taps during a property viewing because slow drainage could be a sign of a blockage. Of course, a blockage is not the end of the world, and you could speak to the estate agent on having this issue resolved before you move in. Additionally, if you don’t notice the problem until you’re already moved in, you can find a professional plumber who specializes in blocked drains to eliminate the issue.
Plenty of Space for a Growing Family
While the property might be ideal for your circumstances now, it does not mean it will complement your needs in the future. For example, does it offer enough rooms should you choose to have children? Or will there be enough space for the whole clan once you have grandchildren? Think carefully about the future to ensure you purchase a property that will serve you well throughout the decades.
The Cost of Future Projects
Even the most beautiful home in the world will need a few tweaks, as you will want to put your stamp on the property. For this reason, consider the potential for future projects. For instance, does the backyard have enough space to expand a pool’s size or could you add an outdoor kitchen? You must then identify how much customization would be required to create your perfect property, so you’ll know how long it will take and how much it will cost.
Factor in Additional Costs
The property might be perfect at first or second glance, but mounting maintenance costs, local taxes, and large household bills could quickly reduce your bank balance. As a result, the dream property could soon become a living nightmare. Make an informed decision by asking a real estate agent to request a monthly and annual payment breakdown from the seller, so you can decide whether it’s the right investment for your finances.
