Buying A New Home That You’ll Truly Love

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Buying A New Home That You’ll Truly Love

How you feel about your home plays a role in your mental health and overall wellbeing, according to Domain. Sadly, 82% of millennials say they have at least one regret about their home purchase. Homeownership is one of the biggest investments you can make. So, when it comes to buying your next abode, here’s how to ensure it’s a home you’ll truly love.

Test out the area 

40% of millennials say their biggest regret is the location they bought in. It’s common for buyers to invest in unknown towns and cities because it’s more cost-effective. But this causes problems, such as a longer commute to work and feeling isolated from friends and family. It’s a good idea to test out the area you plan to buy in before committing to a house purchase. You could take out a short-term let in the area to see if it’s the right location for you. Even staying in a hotel for a few nights can give you a feel for things. It’s a good idea to do the commute to and from work too, so you can see how long it’ll realistically take.

Shop around

One in four millennials say their mortgage is too expensive. The real estate market has been highly competitive recently which has made buyers splash out more cash than they anticipated on a property. It’s only after they’ve moved in and their funds go out of their bank account each month that they realize they’re paying more than they wanted to. It’s important you shop around for your mortgage and look for home loans with low interest rates. Using a lender with the latest lending programs means you can be sure you’re paying the best rate possible for your new house.

Work out your costs 

Buying a fixer upper is increasingly common as they’re cheaper than standard homes. The problem is they’re expensive to do up. Better House & Homes advises you’ll spend at least $45,000. 25% of millennials confess to regretting buying a fixer upper due to the cost. If you’re planning to buy a fixer upper for your next property, make sure you price up all renovations accurately and determine how you’ll fund it, before buying the property.

Everyone should love where they live. So, if you’re planning on investing in a new place, make sure you follow these tips before parting with any cash.