Factors to consider before buying a property to live in

There are various factors to consider before buying a property that your family will call home. The problem is that far too many people get caught up in the small or cosmetic details of the purchase and search that they forget the primary needs of the family in the process. Keep the following points in mind when considering purchasing a property and you are much more likely to be happy with your decision.

Location: This is one of the most factors in buying a property. The quality of the neighbourhood in which a home is situated is paramount when investing in a property as it influences its current and future value.

Size: When it comes to property, size really does matter. The problem is that it matters differently for different people. Those that are aging and whose families have left home would do well in smaller properties that required lower maintenance. Those with growing families need room to grow not only inside the house but also outside the home. If you have 5 children you do not want to be crowding them into 2 bedrooms nor do you need five bedrooms (unless you want them of course) if you are a confirmed bachelor. Size is an important consideration when deciding on a house that will meet the needs of you and/or your family.

Mortgage: As well as the initial purchase price there are numerous other costs to consider when buying your home. Firstly, unless you are buying your home with cash, you will need a mortgage, which will have to be repaid with interest. There are so many mortgage packages available that you should think carefully about which would be the right one for you. For advice on mortgages you can visit any bank, building society or financial advisor. The internet is also a good source for your research, especially forums.

One off costs: There are also several one-off costs normally incurred during the purchase of a property which would be your responsibility:

• A solicitor or licensed conveyancer to look after the legal side of the purchase
  
• A property survey
  
• Most banks and building societies charge for arranging a mortgage, and also for the valuation of the property that they are obliged to carry out


• Stamp duty has to be paid on any property purchases costing more than £120,000. The current bands are:
  
  Up to £120,000 – nil
  £120,001 to £250,000 - 1% of the purchase price
  £250,001 to £500,000 - 3% of the purchase price
  More than £500,000 - 4% of the purchase price

Living costs: In addition to a mortgage, there are also many other regular costs which home owners normally have to pay:

• Water, electricity, gas


• Council tax


• Buildings insurance


• Contents insurance


• Repair and maintenance costs

School catchment area: Whether or not you have (or are planning) to have children, remember that the quality of local state schools exerts a major influence on property prices. A house or flat in a reputable school catchment area will always be easier to resell.

Amenities: Decide what type of amenities matter to you. Do you want to be near shops, pubs and restaurants or would closeness to a park matter more to you. Buying the right property is not simply a matter of bricks and mortar.

Car insurance considerations: The cost of your car insurance will depend very much on whether your property is classified as being in a high crime or low crime area. If you have a lock-up garage or even just off-street parking, then your car insurance premiums will be reduced.

Public transport: Being close (but perhaps not too close!) to train and underground stations or a main bus route is beneficial, especially if you commute to your place of work by public transport.

Access to roads: Here again, being close (but perhaps not too close!) to roads and motorways is beneficial, especially if you commute to your place of work by car or by motorbike

Finally, two heads are better than one: When viewing a property, take a friend or relative with you. You will have a lot of information to absorb in a relatively short period of time, during a viewing, and it is easy to miss what may turn out to be critical details in the heat of the moment. Your companion may have noticed things that you did not and vice versa. You may want to take a camera with you. If you feel that you have not taken in the whole picture regarding the property, arrange a second viewing.

Laurent Stadelmann
Managing Director

Chez-Vous HomeSearch
Removing stress from the property process!

Property Finder / Relocation Services / Negotiation Service / Location Reports

laurent@chez-vous.biz
www.chez-vous.biz
Tel: +44 (0) 1189 770215