Buying a new home is a huge financial commitment that may take you several months or even years to bring to fruition. Investing in a property will always be a huge milestone in your life, whether it’s for personal reasons or a business opportunity. This means that you need to be aware of every in and out of buying a new home before you get to any bumps in the road. When it comes to starting a new chapter, you need to weigh up each part of the decision so that you are fully prepared for everything that may come your way. Instead of jumping straight into a new property investment, you may want to consider the following eight ideas so that you can buy your new home without stress, worry or guilt.
- Financial Implications
The financial implications of buying a new home are significant, but not everyone talks about the positives that also go hand in hand with this milestone decision. If you’re buying a property to rent out, you get so many added benefits such as a stable monthly income that you may never have had before. You may also get Act 60 tax incentives depending on the area you’re buying it in, but it’s certainly a good reason to invest in property sooner rather than later. With improved tax scenarios in many places, you can enjoy a new business venture, or second home with all of the added benefits alongside it too.
- Local Amenities
Checking out what’s in the local area is vital if you’re buying a home to rent, or you’re buying a home to live in for the long term. If you have a shop nearby, local clubs, restaurants and things that interest you, it can give you more reason to move to this area specifically. When you’re checking out various places be sure to look into local amenities so that you know exactly what’s on offer in your potential neighborhood.
- Proximity To Work
Now, your property investment may well be a huge part of your work, but some people may be looking to buy a property as a side hustle, or to actually live in it for many years to come. Making sure it’s in close proximity to your workplace will cut down on commute time and save you a tonne in petrol money too. Some homeowners prefer to have a certain distance from work so they feel as though they have some space. However, you should try to stay within an hour away from where you work so that traveling doesn’t become a huge part of your lifestyle.
- School Catchment Areas
If you have young children, or you’re hoping to have children one day, you should certainly be paying close attention to school catchment areas. Having a good selection of local schools in your area is a good sign that education is a priority in the community. Opting for these places with plenty of options will help you to make those all important schooling decisions closer to the time too.
- Rental Opportunities
When you are looking to buy a new home, it’s so important to check out rental prices and understand what the demand is for rental properties. If this is going to be your upcoming business venture, you should always pay close attention to detail and carry out indepth research before jumping into a final decision. Knowing what the general prices are for rental properties and what type of tenants you would have is also a huge part of the research stage when buying a new home.
- Leisure Facilities
Leisure facilities are just as important as local amenities as they can have a huge impact on your social life. Making sure that there are plenty of social clubs, sports teams and recreational facilities for you to enjoy is all part of the process of scoping out a new home. Conduct research online and in person so that you can get a sense of what is going to be the best option for you. As soon as you check out the leisure facilities, you will have a gut instinct about whether it’s going to be the right place to invest in a property.
- Size and Non-Negotiables
The size of the property you’re looking to buy will depend a lot on your budget, but also your family needs too. Making sure you list out those non-negotiables will help you to make the best possible decision for your business or your future. Whether you’re keen to invest in a property with plenty of outdoor space, or you’re in need of better parking facilities, there are a number of different stipulations that you can add to your list when buying a new property.
- Family and Friends
If you’re looking to move house for personal reasons, you should always keep in mind that your loved ones are invaluable to you and will be an important support system for you. Moving far away from your family may have an impact on your mental health and cause you to feel isolated from those you love. When you are close to friends and family, there are more opportunities for social gatherings and help with other aspects of your life. Whether you need a babysitter for the night, or you need help building some furniture for your new property, you will quickly see the benefits of moving somewhere that is closeby to the people you cherish the most.
Hopefully, you can now see what it really takes to buy a new home and all of the considerations you need to make during the process. As always, these big decisions are never going to be easy, but when you’re willing to put in the extra work and make a significant decision in your life you will benefit from playing the long game. Good outcomes will only come from carefully made decisions, so keep this in mind if you’re on the market to buy a new property at some point in the near future!
