Due to recent price growth, it will take an average of £276,755 to buy a property in the UK, with the median price having risen above the £260,000 mark for the first time during Q1.While this is great news for existing owners, it creates a challenging environment both for first-time buyers and those who want to upgrade to a new and more expensively priced home.But regardless of your circumstances, how can you find the right property for you? Let’s get into it!
#1. Conform Your Budget
While the average house price may be rising and set to continue on an upward trend for the foreseeable future at least, by definition there remain a relatively broad selection of cheaper properties nationwide.
So, the key when identifying your dream home is to create an accurate and precise budget, which is calculated in pence rather than pounds and enables you to target areas more effectively and create a viable shortlist of properties.
In some cases, of course, budgetary restrictions may prevent you from identifying a property that suits your need. However, this at least helps you to gain an insight into your circumstances, while enabling you to creative a savings plan and potential time-frame going forward.
#2. Check Out Viable Neighbourhoods
As we’ve touched on, once you have a viable budget, you can start to target geographical areas and identify houses that are affordable.
This process can help you to save time when comparing the market, as you won’t waste time looking in expensive or higher-priced regions (such as those in the south) that they won’t be able to afford. This can also help you to gauge an average property price, ensuring that you make a reasonable bid that doesn’t force you to pay above the odds.
You should also appraise potential neighbourhoods according to a broad range of other criteria, such as the local amenities and the nearby transport links.
#3. Check Out the Right Type of House for You
There are many types of property available according to your budget, from Victorian terraced homes to the type of semi-detached house that you’ll see in most residential streets. Typically, semi-detached and detached homes cost more than terraced alternatives, but on the other hand, they’re usually more spacious and offer a little more privacy from your neighbours.
So, you’ll need to consider your preferred size and layout before making a decision, so that you can identify a home that can accommodate you and your family immediately. On a similar note, you may want to be proactive and future proof your property before moving in, creating a more seamless transition once the transaction is completed.