Searching for a house

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Searching for a house

At this point you should have a rough estimate of how much you can afford on a home. If not, please take a look at our Borrowing Capacity section.

The next step is to find the right house, but there are many factors to consider when deciding on a property.

The three major decisions to make before any other considerations are:

1 - Location. What area do you want to be based in? Would you prefer to live in the centre of a city? An outer suburb? The countryside? You should consider how far you will have to commute, transport links, local infrastructure (such as broadband internet) and the type of community you wish to live in. Every estate agent will tell you that the three biggest factors that affect the long-term value of a property are "Location, Location, Location!"

2 - Type of property. Do you want to live in a house or an apartment? If you choose a house, what type of building do you want? The main types of buildings are detached, semi-detached and terraced. When it comes to apartments, you should think about whether you wish to live in a large complex or a smaller converted building. Do you want to live on the ground floor or higher up? What communal facilities are available (e.g. garden, washing line)?

3 - Size of property. Quite simply, you need to consider how many people will be living in the property. If you are planning a family, you may wish to consider a property large enough to accommodate everyone in the short- and medium-term. This should then lead you to the number of bedrooms you wish to have in your new home.

You must remember to remain realistic. Consider our previous example of someone making £25,000 per year that can borrow between £100,000 and £125,000. He/she will not be able to afford a 5-bedroom detached house in Central London . However, they could comfortably afford to purchase, say, a 3-bedroom semi-detached house in The West Midlands.

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