6 Tips for buying a new dream house
If you are in the final planning stages of buying a new home and soon will be ready to put in offers on properties that match your requirements, here’s a final checklist of things to consider.
- Firstly, if this is your situation and you are reading this here, then this means that you are looking at doing some house extension or renovations work on the property you hope to buy. In this case, we would recommend that you familiarise yourself with the Government Planning requirements in their portal.
- You may also want to envisage how the property location will develop over the next few years. For instance, even if the location appears to be an excellent investment, would you like to live there for a few years in the short to medium term and give up 5 years of your life waiting for this to happen? What is the area like for you today and could you live there happily for 5 years?
- Is there an investment value in the house – can the property be developed – kitchen extension, loft conversion, basement conversion, an extra bathroom etc.
- What are the schools like in the area, even if you do not have kids now, if this is going to be your home for a period of time you might need to take things like this into account.
- If it is not going to be your forever home, then you might want to know what the value of the rental market is in elation to the mortgage repayments. Is the property easy to rent, is there a university close by? Is it easy to commute to the city? Would the property be appealing for the rental market?
- Even if the property is your dream home, if it is at the peak price in the market, do not buy it; you may be faced with negative equity and have pay to sell it! Or your work, time and development profit on the property be eroded for the same reason – the property was overpriced.
If you have negated the pitfalls above – which probably is the case as todays buyer has to be increasingly savvy in this sellers market, then you will want to do the right development work to property, then you can contact us to have this work done by London extensions builders specialised in the particular work your project requires.