Are you thinking of taking your first steps onto the property ladder? Are you hoping to move to a larger house or do you want to expand your property portfolio? If you’re interested in buying, it’s important to think about the kind of property that makes the most sense for you. Here are some options you may want to consider.
The first home
If you’re buying your first home, the easy option is a new build. With a new home from firms like enso home builders, you can move straight in, and it’s much easier to work out your finances. If you take on a project, your initial outlay may be lower, but you could spend a fortune on renovation work.
You’ll also have to factor in the time you’ll have to wait before you can move in. You may incur additional costs if you’re renting or you’ll have to stay with friends or family for longer than planned. With a new home, there’s also the possibility of customizing the design to suit your style. There’s also a lower risk of anything going wrong.
If new homes aren’t your style, and you’re feeling brave, it may be worth taking on a renovation project. Provided you have a firm grip on the budget, and you take the right steps, this kind of acquisition can be hugely profitable.
Plus, you’ll get a home that suits your style. If you are thinking of buying an older home, make sure you cover all the groundwork before putting an offer in. You’ll need to get accurate projections of cost and timeframe before you commit.
The investment opportunity
If you’re looking to buy a house purely for investment purposes, leave your heart at home, and use your head when making decisions. You don’t need to form that emotional connection when you’re buying a house or flat rather than a home.
With investments, location is key, so make sure you know the area well before you buy. Look at the market value of houses in the same area, and work out your margins. If you can’t afford to buy in established areas, look out for up and coming suburbs. If you spot new houses or schools being built, work on new transport links or cafes and bars popping up, these are positive signs.
In some cases, you may fall in love with the location and plot, rather than the property. In this case, especially if the house is dilapidated, it may be an option to purchase the land and take on a building project.
If it’s not possible to salvage the current property, and you have permission to do so, you can flatten the existing shell and start again. Building a house gives you the freedom to design your dream home, and it can sometimes be a cheaper way of moving up the ladder.
If you’re thinking of buying a house, it’s worth considering all your options. Think about what you want to get out of the property, which styles of homes you prefer, and how you could get the best out of your investment