Purchasing a home is one of the biggest financial commitments that you will make in your life. Therefore, you need to make sure that the house that you buy is one that you are going to be happy in for many years to come. To do so, there will be several things that you need to do to ensure that you have indeed bought the right property. Here are some of the things you can do to future-proof your home purchase.
What is the location of the property like? If it is an up-and-coming area, you might be buying at just the right time. You will be able to make the purchase now when things are cheaper, and take advantage of higher house prices a few years down the line.
Are there any other plans to improve the area? Though there is little in the way of investment at the moment, there could be plans to build a new shopping area or some other type of building that will bring a lot of interest and activity to the area. Could this also affect your peace and quiet? For example, if you buy a house that is near plans for a new stadium, you will have to accept that people will try to park in your street on game days.
Be aware of changes in the neighborhood that might arise when you live there. Some could have a big impact in the future, for better or for worse.
While it is difficult to predict how your income will change over the coming years, you do need to make sure that you have enough to be able to manage your mortgage. This is one of the biggest loans that we will ever have to manage, and you need to ensure that you have the income required to be able to manage its repayments.
Though we might not want to think about it, one area that you have to consider is what will happen to your mortgage if you or your partner passes away before it is paid. This can be a devastating event to go through anyway without realizing that there is a chance that you could also lose your house along with it.
This is why many mortgage policies require couples to take out a Mortgage Reducing Term Assurance (MRTA) policy. This means that you are protected should a tragedy occur that would mean that you would be unable to meet your mortgage repayments. You can check out an MRTA calculator to let you know how this policy could help you out if you want to add one to your existing mortgage.
How much work is your home going to need, and what is the timeframe that you need to follow to ensure that everything is completed? When you first buy a property, it might be a real fixer-upper. There might be a lot that you have to do to ensure that your house is actually liveable, but this means that there might be no need to come back to it for more work in the future.
You could also move into a new build that is ready to receive you! This means that, beyond a few cosmetic changes, there will be nothing that you have to do to the home for years! Of course, there might also be some things that you need to do. While the property as a whole can be in a good condition, there could be some updates needed to crucial areas like the windows or doors. The longer than they are neglected, the more damage can be caused and the more expensive it might be to rectify things.
A home is a finite space, and extending it can be very expensive and time-consuming. Therefore, you need to make sure that you aim to buy a property that you know you will grow into in the future. It should have plenty of space for you and your household, plus extra that you might need in the future, but not necessarily right now.
For example, if you are aiming to grow your family soon, you should try to find a property that can accommodate all of you. You need to make sure that you have all the space that you are going to need – whether that is in square footage, rooms, or cupboards, and other forms of storage solutions.
Buying a property for your needs right now, whatever they might be, is not always the best move. Ideally, you want to make sure that you have found a property that you can be certain that you will live in for years to come. Take the time to find the right home for you to buy, ideally one that is future-proofed for years.