Factors to consider before searching for a new home

Looking for a new home is something some people relish, but many others dread. The thought of spending hours using a mortgage calculator to help with budgeting, scouring the internet for properties every night and wading through piles of estate agents' leaflets isn't everyone's idea of fun.

You may find that getting yourself organised and making some early decisions about exactly what you are looking for can help take a lot of the hassle out of the process. Most people won't find a perfect property within their budget, but by having a clear list of priorities you can at least narrow down your search and avoid spending time looking at unsuitable homes.

The most important factor in any house hunt is cost. Unless you know how much you can afford to spend, there is no point even beginning to look at properties.

For first-time buyers working out how much you can pay is fairly simple, as all you will need to do is ascertain what size of mortgage you can afford and will be approved for and then add that sum to the deposit you have available.

If you are already an owner-occupier, the key fact to discover is how much your current home is worth. Ask a local estate agent for a valuation and research how much similar properties in the area have sold for recently, so that you can work out whether the figure you have been given is realistic. You can then decide how much additional finance you need and can afford.

Once your budget is set, you can begin thinking about exactly what you wish to buy. Draw up a list of things your ideal home would have and then put them in priority order, as this will help you work out what kind of compromises you are willing to make in the event you cannot find a property you can afford that has everything you desire. 

Among the issues you need to consider is whether you want an apartment or a house, and if it is the latter, would you prefer a terrace, semi or detached. Decide how many bedrooms you would like - and how many you actually need - as well as whether you would prefer open-plan living and if you require a garage and garden.

Choosing the right home is not just about the property and you should give some thought to what amenities you need the local area to have. Proximity to good schools is a major factor for many buyers, but for others access to public transport links is key. How close you are to shops, pubs and restaurants can also make a difference to your quality of life.

Once you know how much you can spend and what you are looking for, you can begin to target a specific area. You are sure to have a good idea of the general location you want to buy in, but if you are relocating for work it is likely there will be a number of towns and villages that are right geographically.

Research property prices and amenities in a few of them to work out the best districts, but be careful about limiting your search area too much - particularly if you need to move quickly.

At this point you can start the task of actually searching for your next home. There are a number of avenues open to you, including auctions, property websites and estate agents.

Auctions are a great place to pick up a bargain, particularly if you are happy to put in some work to convert a run down house into your dream home. But be careful, as some properties are sold at auction rather than in the conventional manner because it is not possible to secure a mortgage against them.

Using internet property sites is a good way to get a feel for the market in the area you hope to buy and will allow you to search homes available from a variety of agents and private sellers. Most sites have an email alert facility that will enable you to receive daily updates on houses in your preferred area.

You may, however, decide that registering with local estate agents remains your best bet for finding the right new home. They usually have the most in depth knowledge of the market and if they know what you are looking for, will contact you with details of properties as soon as they are put up for sale.

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2011-09-29 13:39:27 © Moneyextra.com