The Many Facets Of Buying A House*

*This is a collaborative post*

The process of buying a house is an emotive one. You’re looking for a family home, somewhere you can settle down and enjoy for years to come. Many buyers want to feel wowed by a home, to get a feeling that they could live in the house, to be able to envision a future there.

That’s wonderful; there’s no denying that the emotional process of buying a house is not to be underestimated. However, it’s vital that you don’t let the emotions overlook what house ownership truly represents: your financial future.

This is not the most romantic way to think about house buying; it’s a matter of focusing on the cold, hard reality. Your house is not just somewhere to live; it’s likely to be the biggest financial investment you will ever make, and a source of funds in your retirement. That might seem like a long way off, but focusing on the future is the best way to make your present more secure.

So is it possible to deal with the emotional side of buying a house while balancing the financial realities? Yes-- and here are a few aspects you’re going to want to keep in mind to achieve this.

The Building Matters

We all constantly hear about how a house should be a home, how to make your house feel lived in, how to create the home you love-- but relatively little is said about the building itself. The shell, the core structure of a house; we’re all guilty of taking that for granted at times.

However, given the financial commitment that buying a house involves, the building structure is an aspect you can’t afford to overlook. It’s more important than the direction of morning sunlight or the potential to convert the attic, but we’re far more likely to look at these areas than we are the structure itself. One way to cover your bases is to consult the likes of Allcott Associates Chartered Surveyors before making a purchase. They can focus on ensuring the property is structurally sound, while you envision your family making the property a home.

Future-Proof Your Mortgage

Now is a good time to borrow if you’re looking into a new mortgage. Rates are low, and while there’s an interest rate hike on the horizon (probably), the rate is still going to be below 1%.

This cheap borrowing can lull home buyers into a false sense of security. If you calculate your expected monthly payments based on a continuation of historically-low interest rates, then you could be in for a nasty shock when the rates rise. Run the finances so you can be sure you can afford the monthly repayments in the event of interest rises; otherwise, you could find yourself in severe financial difficulty when you should be enjoying the security of owning your own home.

Enjoy The Moment

Buying a house -- whether it’s your first or your fifth -- is stressful, and there is a need to focus on the basics of the transaction and your plans for the future. Try and balance this necessity with your enjoyment of the buying process and you will be able to enjoy the best of both worlds.

*Contributed by Sam Jones

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