Setting expectations when searching for a new home


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Setting expectations when searching for a new home

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Searching for a new home comes with a huge set of challenges, not least setting your own expectations for what you can or can’t afford within your budget. To make sure there are no hidden surprises along the way, we’ve come up with this straightforward guide to setting expectations when searching for your new home.

1. Set your budget

The budget you have to play with for buying your new home will dictate what you can or can’t afford to buy, so make sure you’re realistic with this from the outset. Do your research with mortgages, taking into consideration the size of your deposit and how this will affect your monthly payments going forward. What’s the best rate of interest you can find? How much are you able to borrow? Will your mortgage be affordable in the long term? Take your time researching different options to get a clear idea of your budget.

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2. Start searching online

Once you have a budget in mind, it’s time to start researching new homes to buy online. You may discover that certain areas are out of your price range, or you have to compromise on certain requirements such as a utility room or large garden, so it’s worth spending a good chunk of time searching for potential new homes to be fully-informed.

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3. Communicate

Next, it’s back to the drawing board to determine what you will or won’t compromise on. If this is your first home, communication is hugely important, especially if you are buying with your partner. Create a priority list together, balancing whether a double garage is more important than a third bedroom, or a large kitchen is more important than a dining room, so you know what you’re working towards.

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4. Continue your search

Now you have a clearer idea of what you can afford within your budget, and what you are willing to compromise on, you can continue your house search with more focus. If you’ve decided that location is flexible, spend some time researching houses in other areas. If you absolutely cannot do without a second reception room, for example, get specific with your search criteria using online tools.

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5. Talk to other house buyers

If your friends, family or colleagues have bought a house recently, ask them for tips and advice to help the process run as smoothly as possible. From mortgage providers to housing developers, they may have some interesting and useful wisdom to share, so you have as much information as possible at your fingertips when setting expectations for your new home.

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