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Buying a Property – Find Out What You Need Vs. What You Want
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
If you’re buying a property, you must find out what you really need compared to what you want, advises Romans estate agent.
Whether you’re a first time buyer, home mover, or landlord, buying a property can be an incredibly exciting time. But while finding a home to suit your needs can be tough, finding one to meet your wish list is even more difficult.
Romans has compiled some advice to help you find out what is essential and what can be compromised on when buying a property.
Buying a Property – Find Out What You Need Vs. What You Want
The first step is to make a list of all the features that you would want in the property and divide them into three lists:
- Basic requirements – deal breakers
- Cost – The most important thing to consider is finding a property you can afford. Then, you must put yourself in the best position possible to get your offer secured. If you are buying with a mortgage, make sure that your loan has been pre-approved by a lender so that you can find the best property for your budget.
- Location – Location is key for both homeowners and investors. Buying a property within your commute to work or children’s school catchment area is vital for movers, while landlords should seek an area with high demand from renters.
- Size – You should always be practical when thinking about the size of your new home. While it is nice to have space to accommodate a growing family or add another bedroom to achieve a higher rental income, you must think about what you need as a minimum.
Antony Gibson, the Sales Director at Romans, says: “If a property does not meet your basic requirements, then the property should not even be considered. That said, there are wildcards, those homes that ‘speak to you’, as there are many homeowners very happy in their dream home, which, if you ask them, they would privately admit: We couldn’t really afford it; it’s a bit further out; it is a little smaller than we would like, but we love it!”
- Features that are nice to have – not deal breakers
If you are moving house, weigh up the pros and cons of your current home and make a list of what you would like in your next property. For instance, you may want a garage, but on-street parking could be enough, while an open-plan living area may just be a luxury.
Landlords could also look at what their property portfolio currently has and which direction they’d like to go in next. For example, you may want to invest in student housing, or buy a modern family home that could command a higher rent price than an outdated property you already own does.
- Wish list
“The ideas on this list should be an added bonus,” explains Gibson. “If you have all the deal breakers, all the features that are nice to have, and any features from the wish list, you have bought your dream home!”
We all have an idea of what our dream home looks like – original features, a swimming pool, etc. – but realistically, we know that finding a suitable property with these extras within our budget is highly unlikely.
If you manage to find a home with some of your dream features, then it’s certainly an opportunity not to pass up! Any additional bonus features that landlords can find in a property will also go a long way to increasing your rental yield, so choose wisely.
Making these three lists will make it easier for you and your estate agent to know exactly what you’re looking for and find a property that fits the bill.
