Finding the Perfect Property!
Finding the Perfect Property!
Advice on Finding the Perfect Property
How do I find the perfect property? (when you have decided on the area)
Even if you’re a billionaire, the chances are you won’t find your dream home! And if you manage to get very close, will it still be “perfect” in 10 years time?...Most people put up with second best!
Perfect isn’t necessarily a chocolate box cottage with roses over the door! (What about the septic tank)? A property may only need to be perfect until you move in 10 years, in which case one aspect of “perfection”, may be that you are fairly sure it will double in price!
Here’s the obvious thing to do next...
Go and see as many/all the likely properties in your chosen area as possible....This might just be confusing but at least you will know there isn’t a better one.
Make this decision..Is this property “for ever”?(Let’s assume it’s at least your second move)
If it is, then getting it right is vital. So find a home that can be future-proofed.
Is the front garden big enough to be paved over when your kids get cars?
Think about conversions or extensions you might make. You don’t have to do them all at once.
Can you build into the loft or other undeveloped space, such as the garage or a cellar?
Ensure it is a home you can grow into. People tend to need/like having more space as they grow older.
Is it just short term investment or are you developing property?
If it’s your first home, then you may have to decide just what you can do without....
How many bedrooms do you actually need?
Do you need an ensuite?
Do you want your own front door, or are you happy with a conversion flat?
Can you put up with staircases? (Think about the pram).
Can you deal with traffic noise? Or a school playground?
Do you really need your own parking space?
Do you need a garden?
Are you OK living over a shop?
Think big. Barring personal setbacks, owning a home almost always gets steadily more affordable every year you live there, once the new kitchen and bathroom are fitted!
You will probably enjoy earnings that rise steadily throughout your life and the cost of a mortgage does not usually increase each year, particularly if interest rates are stable.. That means that your mortgage will get steadily more affordable relevant to your income year by year.
Those at the beginning of their careers will hopefully earn more money each year allowing them to afford a property that at first seems expensive. But do be realistic about your future earnings!
The estimated final value of your house is critical. It may allow you to eventually downsize and considerably boost your pension
Cheap areas surrounded by expensive ones are likely to gentrify.
Fashionable areas may have reached their price peak. Prices will rise again but quite a few years may pass before you could sell at a handsome profit.
If a new transport connection or major local town centre redevelopment has been announced, (even two years’ hence), property prices nearby are likely to rise above average.
One end of a street or might be cheaper than the other.
In London, council tax can vary dramatically from one side of the street to the other.
A Guide To The Process of Buying/Selling a Home/House/Flat