Identifying location and requirements
Choosing your next home usually involves finding a balance between what you want, what you can afford, and what is available.
There are many reasons for buying a property and every individual’s requirements vary, but most buyers’ decisions will be influenced to some degree by budget, location and size. Some buyers may also have a preference for a particular type of home.
What to consider when choosing the right location for your new home
When choosing a location, there are a number of considerations to take into account. Some are practical and others are more emotional.
Considerations may include:
How to choose the right type of property
You may be looking for a specific type of property, such as a detached house or a garden flat. Whatever your preference, practicalities should also be considered. For instance, if you have a young child or have mobility difficulties, having to climb several flights of stairs on a regular basis may need to be avoided.
Some buyers will be looking only at new-builds and others only at pre-owned properties.
What other factors to consider when choosing a property
The size of the property will be a major consideration and will be determined by your needs and your budget.
You should bear in mind that if you are planning to stay in your new home for many years, you may need more space in the future if you are planning to grow your family.
Whether the property is freehold or leasehold should also be taken into account. The main difference between freehold and leasehold properties is that in a leasehold scenario, you buy the right to occupy the property for a set period of time but do not own the building itself. With freehold, you own the entirety of the property including the land it sits on. When you buy a flat with share of freehold, the lease on the property comes with a share of ownership of the building. Leaseholders in a block with several properties often choose to buy the freehold between them and so share of freehold gives them more control over the management of the property.
For further information, read our guide to searching for and shortlisting properties.
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