Your Property Search Criteria
So…
You’ve spoken to an independent mortgage broker or your bank (preferably both!) and you now have a mortgage in principle…
Fantastic!
Surely it is time to get in touch with a range of estate agents and book some viewings?
Not quite!
Your next best step should be to work out your property search criteria…
What aspects could you think about with regards to your property search criteria?
As a start, think about:
a) Location
Location is genuinely incredibly important. It is a bit of a cliché to say the three most important things are ‘location, location and location’… However, this is not totally crazy!
Will you look to buy in an already established/ gentrified area or will you look to buy in a so called ‘up and coming’ area?
On average, home buyers typically move within a 3 mile radius.
If you’re moving to a new city or an area in the countryside or on the coast, then it can be quite difficult emotionally, especially if you are moving away from your ‘safety blanket’ in terms of friends and family.
I would personally rent in the area in which you are looking to move to if it is brand new to you…
I would rent a fully furnished flat or house and would insert a 6 month break clause in the contract, so that you can leave after that period of time.
b) Transport
A lot of home buyers do not take this seriously enough.
In my opinion, you should not simply rely on Google or a maps app to tell you how long the journey is.
Actually take your planned route to and from work!
Please do your journey in rush hour, too…
You may find that the train is incredibly crammed or that you can’t even get onto the train.
c) Property
Think about aspects such as:
Do you want to live in the city, the country or the coast?
Do you want to live in a flat or a house?
Do you need outside space (a communal garden/ a private garden/ a balcony?)
Do you need parking/ private parking?
How many bedrooms do you need?
Do you prefer a separate kitchen and dining room or an open plan concept?
Do you prefer a new build or a period property?
“I would personally rent in the area in which you are looking to move to if it is brand new to you...”
d) Nearby Amenities
Is there a local supermarket?
Is there a local post office?
Is there a local GP/ Doctor’s Surgery?
Is there a local dentist?
Is there a local pharmacy?
Is there a local sports club or gym?
Is there a nice high street locally?
Now, you may be looking to buy a home in the rural countryside…
If that is the case, it is still important to work out how far away these kinds of services and amenities are within a reasonable distance - or at least reasonable to you.
e) Schooling
If schooling is something that are looking into for the present or the future, then look into aspects such as:
Catchment areas - living in a catchment area of the top state schools can add a lot of value to a property, which is good if you are planning on potentially selling it in the future.
Look at the league tables/ performance tables. Bear in ind that these are often purely or mainly based on grades.
If grades are not the be all and end all, then you may be looking into aspects such as sports, music, drama and the general ‘feeling’ that the school gives.
You may prefer a local village state school or a private co-ed school or indeed a boarding school.
I would also drive the route that it would take to get to and from said school from a house after you have decided that you would like to buy it or put an offer on it.
Please drive during peak school hours!
f) Lifestyle & Environment
Consider aspects such as:
Is the area in which you’re looking to buy your next home in under or near a flight path?
What is the air pollution like?
Are there walking paths nearby?
Is there an A-Road or motorway nearby?
Please plan and work out what your property search criteria is before you start booking viewings!
It will save you so much time, hassle and stress!