When the time finally comes to start looking for the first property you will buy rather than rent, taking the time to thoroughly assess each property on its merits can be hugely beneficial. Below, we’ve highlighted three questions to ask yourself when considering if a property is right for you.
“WOULD I RENT THIS PROPERTY?”
Renting and buying are very different experiences, but both require you to focus on ensuring you find a property that suits your base needs in terms of the area the property is in, convenience, and ensuring you have adequate space. It’s therefore helpful to default to the more-familiar method of assessing a property to rent rather than buy. If you can’t imagine yourself wanting to rent a property, then buying it is an even larger commitment that you will likely want to avoid.
“WILL I NEED TO MAKE IMPROVEMENTS IMMEDIATELY?”
Some properties will require work to reach your standards and style preferences, which is to be expected. However, properties that require upgrades immediately for functional reasons – such as needing to rewire or replace the electricity – will require you to amend your budget accordingly in order to ensure you can complete the work before you move in.
“HOW CAN THIS PROPERTY BE IMPROVED IN THE FUTURE?”
If a property suits your immediate needs, it’s also worth assessing how it could be improved in future via one of the methods discussed in the infographic below. If you can find a property that offers room for improvement, then further work could greatly increase its value to you as an asset – which could make it a particularly sound financial choice.
Infographic Design By: https://www.doubleglazingfunding.co.uk
