Should You Buy That House?

Buying a house is a huge decision, and one that needs to be made with your eyes wide open. If you make the wrong decision, it could end up costing you thousands of pounds. Here are some questions that you must ask yourself before you make the move.

Are you sure it’s the right thing for you?

Whilst 86% of the UK’s population think that they want to own their home, the reality of doing so may not be in their best interests. It is a huge financial commitment to make, and the hidden costs of owning and maintaining a house can make it feel like a burden. The ability to telephone a landlord to report a disrepair or problem with the property is a great advantage to renting. If your employment is not stable, or you prefer to locate to different areas every couple of years, then house owning may not be suitable for you.

Can you afford it?

This is the deal breaker. You may have expectations as to what you can afford, but the reality may be very different. Gone are the days of 100% mortgages. Now it is all dependent upon the size of your deposit. You need to take into account any refurbishments you may need to make to the house to make it habitable. Cosmetic renovations can be done at any time and when you can afford to do them, but structural remodelling is another game altogether.

Does it suit your lifestyle?

Now that you have found the house that you want to buy, you need to think about the practicalities of living there. If you are buying an off plan new build house, for example, you need to remember that these houses have smaller proportions than older houses – your corner sofa may just not fit! You need to think about the furniture and belongings you presently have and figure out the ones that just don’t fit. Look at your car, will it fit on the driveway, is the parking tight? You may need to swap your estate car for a Mini: see Eastern Mini for the full range.

Have you done your research?

The bricks and mortar may have made you fall in love with the house, but buying a house is more than buying a storage solution for all of your possessions. Have you driven past the house at different times of day? A delightful house down an unassuming country lane can be turned into a house of horrors if visited during the rush hours as commuters use the lane as a rat run. Investigate what the local schools are like, you may not be wanting children either now or in the future, but should they make an appearance sooner rather than later it is best to be in good catchment area – besides, it will protect the value of your home. Visit the local areas on weekend nights. Participants in antisocial behaviour will be out and about, so you can get a real feel for an area, be it good or bad.