Are you thinking about relocating, or are you preparing to take your first step onto the property ladder? When it comes to moving or finding your first property, there are options available. The majority of house-hunters choose to buy but building it yourself is becoming increasingly popular. If you’re keen to explore both possibilities before making a decision, here are some questions to ask.
How To Prepare To Buy Your First House
What is my budget?
Every prospective homeowner should have a budget in mind when starting to search for a new property. Budgeting is much simpler when buying a property, especially one that is in perfect condition, but sometimes, self-build projects can work out to be much less expensive. Before you decide which option suits you best, go through the numbers and work out the total cost of both propositions, including legal fees, building, and planning work and any additional charges.
Is the house I want actually available on the market?
Many of us start looking for a new house with a vision already in mind. If you’re looking for something a little bit different, or you have very specific requirements, it’s wise to find out if the slice of real estate you want actually exists on the open market. If you’re keen to buy, contact local real estate agents and have a look at properties that are for sale in your chosen location. If nothing fits the bill, you might find that taking on a renovation project or building from scratch is the best way to make your vision a reality.
Do I have the time and patience to take on a building project?
When you buy a house, you can often move in as soon as you get the keys. With a building project, it can take months, even years to finish the build. Before you embark upon on a construction mission, consider whether you have the time available and the patience to wait.
There may be highs and lows along the way, you might have to deal with setbacks, and you could be waiting a long time for your new home to be ready. There are practical concerns to consider, for example, where you’re going to live while work is underway. It’s always wise to have a contingency budget available. If you want to build a home, and you don’t have time to commit to project management, you could appoint one, but this will add to the cost.
Do I know exactly what I want?
Many of us look around properties thinking we know exactly what we want, and we often surprise ourselves. Styles we didn’t think we liked can suddenly emerge as contenders. Advantages can outweigh the drawbacks we never thought we’d be able to put up with. When you’re buying, there’s a choice of properties on offer, and you can take your time to find the perfect house for you. With building, you’ll need to decide what your house will look like, which materials you want to use and how much you want to spend early on in the process.
If you’re thinking about moving, or you’re keen to explore different options, you may be wondering whether to build or buy. There are pros and cons of both, so it’s important to ask these questions and think about your requirements and preferences before making a decision.