This might sound like a silly question, especially coming from someone who works in the mortgage sector. This is something that I have spoken to clients about over the years and am inspired to discuss it here after watching an episode of Location, Location, Location, a few days ago.
I need to start by saying that the money is massively important when buying a home, of course it is. But should it be the deciding factor when you are choosing a property?
In the episode on the TV, a couple with a young family were looking for a new home in a new area of the country and had a healthy budget to buy a property where their children could grow up. They were shown a lovely house that was being marketed right at the top of their budget at £600,000. The house was immaculate and needed no money spending on it at all.
The prospective buyers decided the house wasn’t right for them, which is fine, but then commented that they would have considered it, if it has been on the market at £550,000 but not at £600,000.
This may sound a little controversial, but if the price falls within your budget, then the main deciding factor surely must be whether the house is where you want to live and where your children will grow up. You may feel that the house is overpriced and go into negotiations with the vendor, but, within reasonable parameters, buy the right house for you and don’t get too hung up on the money. After all, if this your “forever home” and not just an investment, then that extra cost spread over the lifetime of your ownership must be worth it.
As we move towards 2025 and thoughts may start to turn to buying a new home, speaking to a professional mortgage advisor to work out your budget early is important, but once you have that you can then go to find your dream home, knowing the money is sorted.
If you need any advice, please get in touch with a member of Barlow Irvin Financial Services award-winning mortgage experts on 01204 304 814.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.