What Should You Do If You Have Found Your Dream Home?
Valentine’s Day is just around the corner and love could be in the air…so we ask what should you do if you have found your dream home?
We all know the feeling, you’re sat scrolling through properties on one of the big property portals when suddenly you see it. The One. The dream home. Situated just the right distance from work, beautifully decorated, great garden for the kids and just the right size!
It’s love at first sight!
But now what?
It’s sometimes difficult to know what to do if you have found your dream home, but don’t despair! We are here to give you some handy tips!
Step 1. Decide if buying a home is right for you.
An estimated 86% of people in Britain want to own their own home, but for many buying a property may not make the most sense.
Depending on what stage of life you are in, renting or staying with family could be the best option, at least in the short term.
Buying your own property has many advantages, it’s yours and you can have all the benefits of freedom and security that comes with home ownership, but on the other hand it is a very large financial commitment, probably the biggest financial investment you will ever make, and that’s not just the initial purchase. The property will need repair and maintenance over the years, the bills will be all yours to pay and if something breaks…you are responsible for fixing it!
So the first thing to do when you have found your dream is to think carefully, it may be your dream home, but is it the RIGHT home for you?
The Money Advice Service has a useful article HERE which compares the different options available.
Step 2. Check your finances.
You’ve decided the time is right to make a move and get that dream property, but the next step is to ask yourself ‘Can I afford it?’
Initially you will need to decide how you would fund the purchase of a new home. This might be having a valuation of your current property if you would need to sell it in order to buy, making an appointment to speak to a mortgage advisor to see how much you may be able to borrow or looking at what funds you have available to you if you are thinking of buying the property without additional borrowing. One other thing to remember is that the cost of a new home isn’t just the purchase price. You will need to think about any additional costs that might arise, including any stamp duty that might need to be paid, solicitors fees, removal costs and insurances, plus any agents fees if you need to sell your own property.
It’s also important to remember that owning a home is a long term investment. Will the property require a lot of expensive maintenance and upkeep over the years? Will any work need to be done before you can move and how much is it likely to cost? We might all dream of living the luxury life in a stately home with its own swimming pool, but the reality is that the monthly bills for upkeep alone would be enough to make your eyes water!
Which? Have put together a useful list of bills you will have to consider when owning a property, you can take a look HERE.
Step 3. View the property.
If you have thought about all the aspects above and the property still seems the one for you, then get out and have a look! Try and view the property with your head rather than your heart, it’s often easy to overlook any negatives on an initial viewing so it can often be best to visit the property on a number of occasions at different times of the day.
This is of course just a very basic run down of a few things to consider when looking at that dream property, but we hope it helps put things in perspective.
Finding a new home can be a complicated process and it might not always run smoothly, if you need to sell your own property to buy your new home you need to remember that a sale may not be instant and of course someone else might come along in the meantime and make an offer on that one property you had your heart set on. But, with bit of help and advice from an experienced, knowledgeable and pro activate Estate Agent, you can get that dream home!
If you need any advice about any aspect of the buying and selling process, our teams across Derby are always here to help.