So, you’ve found the perfect property. You’ve fallen head over heels in love with a real estate property, and you are ready to commit to purchasing. Whether it is a brand new home and land package like the Bellriver Homes or an old property that’s up for renovation, it’s important to make sure you’re making the right decision. Real estate is an expensive investment, and you don’t want to end up buying the wrong house or in the wrong area simply because you didn’t do enough research beforehand.
Does a home that ticks all the boxes, in theory, fully match your needs? The answer can vary. As a first-time buyer, you want to be completely certain that you are fully ready for what will come. Here are some essential questions to ask yourself after you’ve ensured
- you can afford to buy the house
- the area is safe with a low crime rate
- you can find all the services you need locally
How much will I pay for energy?
When you think about the cost of running a household, it’s important to consider the costs of heating and cooling your home. Energy costs can vary dramatically depending on where you live. In some areas, heating and cooling your home accounts for up to 40% of your total utility bill every year. With the cost of energy on the rise, the last thing you need is to move into an energy-vampire property. Spending less on electricity, gas, and water is a priority in the current crisis. So, it is worth asking the current owners about their costs or researching how much households spend on average in the area.
What does a normal day look like?
The area may be safe, but that doesn’t mean your neighbours will be nice. Problem neighbours can make living in your new home a nightmare. Unfortunately, it can be hard to experience what a normal day with neighbours is like when you visit the property. Living next to loud neighbours is a leading cause of depression, anxiety, and overall fatigue. Indeed, loud arguments, banging, crashing, and loud music can dramatically affect the peace at home. It can be helpful to walk or drive through the area at different times of the day and night before you make up your mind.
Do I like it here?
The area might have everything you need. But if you don’t like the town or the people, it can be tough to be happy in your new home. Personalities come in a variety of forms. So, not everyone can happily move into a small townhouse and immediately blend in, for example. Try to check for yourself whether you feel you share common values with the local population. If you don’t, it’s best to pass and look elsewhere!
Is this the best decision for my budget?
Buying a house is expensive. But, you may not be able to stomach the idea of paying rent for the rest of your life. So, how do you know when it’s time to buy a home? First, look at your long-term financial goals and see if your mortgage fit with them. Being able to afford a house is one thing. But it doesn’t mean it is the right thing for you if you have other more meaningful goals.
In conclusion, a property that meets all your criteria could still make you unhappy. So, never rush the process. Take your time to ensure you fully understand what a day in the property will be like for your mental health and your money goals.
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This is a contributed post.
