What research should you do before buying a home?
Graeme Mackay, Marketing Director at Mov8, shares his insights into everything you need to research before buying a home.
Key Takeaways
- You should research the local property market and your borrowing potential before falling for a property you can’t afford.
- Be sure to factor in all additional costs,taxes, insurance, legal fees, removals,so your total budget is realistic.
- Choose the areas you’re considering by listing what matters most (schools, transport, green space, amenities) and scoring them.
- Decide on the type of property you want (house vs flat, new vs period), number of rooms, garden, parking, and check things like flood history or council tax.
- Use property alerts, browse platforms (like ESPC), read Home Reports, and book viewings to get a feel for what’s available and realistic.
For most of us, purchasing a property is one of the biggest expenses we’ll ever have, so it’s imperative to do proper research before you get started. Graeme Mackay, Marketing Director at Mov8, has shared his expert insights into everything you need to research before taking the property plunge.
How much money do you need to buy a property?
The cost of your property will depend on the location and property type, but also the condition of the market. It’s important to research the market in the area you’re planning to live in, to help you understand how competitive the market will be.
If you need a mortgage, you’ll need to find out how much you can borrow before you lose your heart to a property you can’t afford. You can use an online mortgage calculator to get an indication based on affordability, as well as the latest interest rates, or you can consult an independent mortgage adviser.
Research the other costs that will arise, such as LBTT, insurance, estate agency or legal fees and removals to finalise your total budget.
Deciding where you want to buy a property
Deciding where you want to live is usually based on several factors, including budget.
List the factors that are important to you and score them in order of significance; some sacrifices and compromises may have to be made. Consider things like transport links, schools, green space, amenities and lifestyle, and research these for every area you’re contemplating.
Choosing the kind of property you want
What kind of property do you want to buy - a flat or a house? Period property or new-build?
Think about how many rooms you need, and how close to amenities it needs to be. Do you want a garden or a parking space? If the area is near water, has there been recent flooding? How much is the council tax?
How to find your perfect property
Sign up for alerts with estate agents and property portals, so that you can be first in the queue for a property that matches your requirements.
Get acquainted with property websites like ESPC to browse photos, read Home Reports and arrange viewings, which will all help you to become more informed about both your ideal location and property type.
For more information and advice from Mov8, visit their website or call 0345 646 0208.
