Buying a home is a huge commitment. Whether buying to live in, or as an investment. There’s a huge amount of cash involved and for most people, it’s the biggest financial commitment you’ll ever make. It comes as a surprise to know that so many people don’t really put the required level of research into buying said home and moving in. They may check it out, loosely look at the area it's in and move in. Sometimes, this is due to external pressures, but other times it’s just due to laziness. Here are some top tips on how to properly and efficiently research your next home you are considering. It could save you a pretty penny, and also stop you from making a mistake. Remember, every home is totally unique, so you need to apply the advice to your own situation and needs.
Note: Some links in this post are affiliate links, which means I receive a commission if you make a purchase. Affiliate relationships include, but are not limited to Amazon Associates, Walmart.com, and Etsy.
Think of The Future, Not Just The Now
It's important to know what’s coming in the future. If you don’t think about it you may regret it. Pay it proper consideration and you might just save yourself a move. You may be thinking of moving into a hdb flat rental, which is great. However, imagine you start having kids and you’ve only got the one bedroom? It can pose problems. It might be that you’d be better off saving for longer and getting a house instead. Of course, sometimes you won’t have that luxury but thinking ahead can save you all kinds of problems down the line. It might be that you’re moving to be closer to your place of work, when you know that you won’t be working there in the next 6 months because you’re going to work elsewhere.
What Building Work Is Planned Around The Property
It’s important to know what the plans are for the area around the property. Is there going to be a new school built nearby? If so, then it’s perfect as the house price will likely go up down the line. Are they going to build a chemical plant? Or an incinerator in the local area? The price will go down after purchase. These are the kinds of things you want to look out for. That pretty woodland behind the house, is it protected? Or can they level it and build more homes in the future? You’re not just protecting the scenic view from the window. You’re also looking after your investment which can be heavily diluted by future changes. How can you find out? Speak to your local authority and planning department. Don’t just take what the estate agent says as gospel, do your own research.
Know The State Of Utilities
If they’re in bad condition, you know full well that you’re going to end up having to pay for it all to be fixed. Look at the house wiring. Is it old? Out of date? As appliances get better and you use more of them it might just be too much for the house and things won’t work properly. With this knowledge you might be able to lower the asking price. Same with the gas pipes and fittings. Are they old? Then you can lower the price. Check out the boiler too. If it's really old the likelihood you’ll need a new one will be pretty high indeed.
Of course, knowing about certain pests can be hard. Especially if you’ve not seem them before or you don't know what to look for. The truth is a lot can be devastating. Especially if the home is made out of wood. You need to find these pests in the survey and alter your offer accordingly. Otherwise, you may be facing a pretty hefty bill down the line. Look for signs of wood rot, then look for things like mice and rat droppings. If you find these you know you’ve got a problem on your hands and it warrants further questions and answers.
Again, another really important aspect. This is applicable if you don’t drive, or if you plan to commute to your workplace using public transport. How long will the journey take? Is there enough around you? Metro, train, bus, etc. If none of these are present you may end up relying on taxis or having to drive…meaning you pay expensive parking. Whatever you decide to do, make sure you take your working pattern into account. It may be the perfect house, in the perfect location, but if you’re having to struggle to work for two hours a day, it might just not be entirely worth it in the long term.
This is a contributed post.
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