Choosing the right home for your needs can be a tricky one, because that initial wow factor is driven by emotions and by less practical things like forward planning. So there are a number of points that people should look at before signing on the dotted line for what they think is going to be the house of the dreams, when it actually turns out to be a nightmare.
When purchasing a home, many people make the mistake of seeing how their current life transfers to fit into the prospective new home. This is in the long run very short sighted, considering that your home purchase is one of the single largest financial decisions you are ever going to make. What you need to know is how to choose the right sized home for your needs.
1. Location, Location, Location
So it ticks all the boxes with location – which is incredibly important – always go for location, but the best house money can afford in the best area, even if it is not what you want it to be just yet. The potential growth on a neglected property in the right area is huge compared to the best looking house in the wrong area.
Capitalize on the growth factor when choosing the property, especially if it is your first home – but also make sure you have enough space – as again, it is short sighted to think you are going to double your money in two years and move again. You could be looking at five or six years at least. And if you have children, a 2-bedroom house is not going to give you the space you need later, although it may be okay for now.