Things to Consider When Buying a House

There are plenty of things to consider when buying a house, and it is one of the largest financial commitments most people make. It is an exciting process, but a rushed or uninformed decision can be expensive to put right. Below are the main points, set out in the order most buyers meet them, so you can weigh each one properly before you commit.

The advice here is written from a surveyor's point of view. We see the homes after the viewing, once the flaws are on paper, so a few of these points are the ones buyers most often tell us they wish they had thought about sooner.

1. Work out your real budget

Your budget guides the whole search. Look beyond the asking price. You also need to account for the deposit, stamp duty, legal fees, mortgage arrangement fees, the cost of a survey and the ongoing cost of running the home.

Running costs include council tax, energy, water, buildings insurance and, on a leasehold, ground rent and service charges. These add up, and they vary a lot between properties of the same price.

Resist the temptation to stretch to the top of what a lender will offer. A budget that leaves room for repairs and rate rises is a budget you can live with. Our guide to how much it costs to buy a house sets out the full list of costs.

2. Check your credit and your borrowing

Your credit record affects the rate a lender will offer, and the rate affects what you pay over the life of the mortgage. Before you start viewing, get your credit report and check it for errors. If the record is weak, it may be worth waiting until you have improved it.

It also helps to know your borrowing bracket early, so you only view homes you can realistically buy.

3. Choose the right location

Location shapes your quality of life and the resale value of the home. It is also the one thing you cannot change after you buy.

Think about the distance to work, schools, shops and transport. Look at the character of the street, parking, noise and any planned development nearby. Check whether the property sits in a flood risk area, and whether it is in a radon area, because both affect cost and insurance.

4. Size, layout and how you will actually live

The size and layout should suit your needs now and in a few years' time. Think about family size, the need for a home office or a spare room, storage, and outdoor space if you have pets or children.

A layout that works on a sunny viewing day can feel very different in daily use. Walk the route from the front door to the kitchen with shopping in mind, and picture a normal weekday morning.

5. The condition of the property

This is where a viewing lets most buyers down. A home can look well presented and still hide a failing roof, rising damp, movement in the walls or old wiring. These are the defects that cost thousands to put right.

A RICS survey is the way to find them before you commit. A Level 2 survey suits most conventional homes in reasonable condition and reports the condition of each element against a clear rating. A Level 3 survey goes further and suits older, altered or unusual properties, where you need to understand how a defect arose and what it will take to fix.

If you want to know which to book, our guide to the level of survey you should get walks through it. You can also read 10 red flags on a house survey that are easy to miss on a viewing.

6. Read the market before you offer

Understanding the local market helps you time your purchase and pitch your offer. In a seller's market, homes sell fast and prices hold firm. In a buyer's market, there is more choice and more room to negotiate.

Check what similar homes nearby have actually sold for, not just what they are listed at. Asking prices tell you what sellers hope for; sold prices tell you what buyers paid.

7. Think long term

A home is a long-term commitment. Ask whether you can see yourself living there for several years, how the area might change, and what the resale potential looks like. A property that suits you today and holds its value tomorrow is the one worth stretching for.

8. Use the right professionals

The buying process is complex, and good advice saves money. An estate agent knows the local market, a conveyancer handles the legal side, and a RICS surveyor tells you the true condition of the building.

These are separate jobs. The agent acts for the seller, not you. The surveyor acts for you, which is why an independent survey matters.

10 things to consider when buying a house: a quick checklist

If you want the short version, here are the ten things to consider when buying a house, in one place:

1. Your true budget, including fees and running costs.
2. Your credit record and borrowing bracket.
3. The location and the street.
4. Flood and radon risk.
5. Size, layout and storage.
6. The condition of the building, confirmed by a survey.
7. The tenure: freehold or leasehold, and any lease length.
8. Local sold prices and the state of the market.
9. Long-term suitability and resale.
10. The right professionals acting for you.

The most important factors when buying a house are location, condition and affordability. Get those three right and the rest tends to follow.

Things to consider when buying a new build house

A new house brings its own list. New build homes are often bought off plan, which means you commit before you can walk through the finished property. That raises a few specific points.

Snagging and build quality

New does not mean faultless. Unfinished work, poor finishes and missing items are common, and they are known as snags. A snagging inspection records them so the developer puts them right. It is not the same as a survey of the building's condition, and it does not replace one. Our guide to the new build snagging survey explains the difference and when each is worth it.

Warranties and what they cover

Most new build homes come with a structural warranty that typically runs for ten years. Read what it covers and what it excludes, because cosmetic defects and normal settlement are usually outside it.

Price and resale

A new build often carries a premium over a comparable older home. Check what similar new and resale homes nearby have sold for, so you understand what you are paying for and how the value is likely to hold when you come to sell.

Timing and incentives

Completion dates on off-plan homes can move. Build in time, and treat developer incentives as part of the price rather than a bonus.

Frequently asked questions

What are the most important factors when buying a house?

Location, the condition of the building and affordability. Location and condition are the hardest to change after you buy, and affordability decides whether you can hold on to the home comfortably. A RICS survey covers the condition point, and local sold prices cover the affordability point.

Do I need a survey when buying a house?

For almost every purchase, yes. A mortgage valuation is for the lender and tells you very little about condition. A RICS survey is for you and reports the state of the building, so you can budget for repairs or renegotiate. You can read more in our guide to whether you need a survey when buying a house.

What should I consider when buying a new build house?

Check build quality through a snagging inspection, read the structural warranty and what it excludes, compare the price against similar homes nearby, and allow for completion dates to move. A snagging inspection records unfinished work but does not replace a survey of the building's condition.

How much should I budget on top of the asking price?

Allow for the deposit, stamp duty, legal and conveyancing fees, mortgage arrangement fees, a survey and removal costs, then the ongoing running costs of the home. The exact figure depends on the price and your circumstances, so work it through before you offer rather than after.

For obligation-free and friendly advice, contact CJ Bloor today for more information.