The property market can move quickly, so you’ll probably want to snap up your next purchase the minute you find it. However, rushing into a property purchase can be a recipe for disaster.
While you might need to be quick off the mark to secure your dream home, ask yourself these three important questions before you make an offer:
1. What Does the Location Offer?
A property may look stunning and have all the right features, but it won’t be your ideal home if it’s in the wrong location. When you fall in love with a property, it’s easy to think that an extra-long commute or living rurally won’t be a big deal.
In reality, however, your location has a major impact on your day-to-day life. From the availability of good schools to your proximity to local amenities, location is one of the most important factors to consider when you’re buying a new home.
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2. Can You Afford It?
Before you start dreaming about your new life, take a step back and ask yourself if you can really afford it. If you plough all your funds into the purchase, you may not have the liquid assets to finance renovation or redecoration, for example. Fortunately, there are ways to increase your spending power.
With the right lender, you can obtain a high mortgage in order to fund your purchase. In fact, it’s not unusual to apply for a million-pound mortgage, providing you’ve got the income to make reasonable repayments. Take a look at these high value mortgages to see what options are out there.
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3. What’s Your Strategy?
People buy properties for different reasons, so it’s important to identify your strategy and your goals. No matter how spectacular the property is, don’t be swayed by stunning grounds, impeccable décor, or exquisite interior design. Buying a property is a major investment, so you’ll want to ensure your strategy will reap a high reward.
If you’re planning to sell in the short-term, for example, you may have to be prepared to make a loss. Unless you’re improving the property in some way, your return will be dependent on how the market changes between now and when you choose to sell.
Alternatively, if you’re planning to live in the property for at least a few years, there’s more chance of your investment paying off. Furthermore, if you’re not under pressure to sell within a specific timeframe, you can pick and choose when to sell in order to increase your return when the market is buoyant.
Securing a Property
When a coveted property comes on the market, it doesn’t stay there long. That’s why it’s important to do your due diligence as quickly as possible.
By getting expert advice, exploring financing options, and familiarising yourself with popular locations in advance, you can ensure that you’re ready to make an offer as soon as your dream property becomes available.
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