Budget, Space and Location - The Three Vital Things To Consider When Buying A Home
Budget, space, location – the three things that are vital to consider when choosing your new home ONCE YOU GET some notion of what you can afford and how much cash a mortgage lender is likely to give you, it’s time to start checking out properties. A number of first-timers have asked me over the years: how is it best to get started on finding properties?
First, it’s a good idea to make a list of sources that can help you find a property. These include:
- Local letting and estate agents in the places where you want to buy, or think you might want to buy
- Estate agents’ sites and other good property websites on the Internet
- Local newspapers and magazines
- New developments
- Auction houses, or auction divisions of estate agencies
- ‘For Sale’ signs that can be spotted outside homes
- Word of mouth from others who have bought recently
- Government schemes and websites
You then need to determine what kind of property you should be looking for. I favour working out your priorities using the triangle approach, which is simple and clear.
Basically, you draw a triangle and at the three points you insert the following:
The first point of the triangle, the budget, is usually fixed. So, once you work out the amount you have to spend, put this sum down. Keep in mind your budget could vary a bit, if you are lucky enough to inherit some money from Aunt Agatha at the last minute, or you have discovered forgotten savings stuffed under the mattress. But generally for most first-time purchasers, once the lender says you can have this much money, that’s it.