On The Move: How To Know Your Property Preferences
The greatest advantage when you’re looking to rent or purchase new property is to know what you’re looking for. Equipped with clear criteria, you’ll find the process of finding and acquiring the right home simpler and sometimes cheaper. Here are some tips to get started.
The Perfect Property
What is your current dream property? Even though you might not yet be able to attain it, idealizing how it looks and what it contains is key to moving in a positive direction. Your individual circumstances will inform your decisions - for example, some senior house hunters will want to prioritize accessibility. Or, since the pandemic, garden space has become a lot more coveted. Writing down and outlining your requirements makes it easier to find a living space you’ll be comfortable in.
If you’re unsure of what you’re looking for, it’s worth spending some time online and acquainting yourself with the abundance of available options. Research in the internet age is as easy as an image search, a hashtag on Instagram, or even attending virtual viewings - many realtors have adapted to the digital age and can allow you to view an open house via 3D technology.
The Ideal Area
Location is the most important factor when it comes to property prices but, since COVID, things have opened up significantly. Remote working has reduced the importance of office proximity, for example. When browsing areas, you’ll want to shift your focus to amenities. Which local shops or institutes can you/can’t you live without? Do you need a hospital close by? Is it important that you’re connected to nature? It can sometimes help to list these preferences in order to help you narrow down suitable locales.
If you’re looking to buy but you’re not completely sold on an area, it can sometimes be worth renting first to see whether you’re well suited. For example, Austin, Texas, is thriving within the governmental, biotechnological, and pharmaceutical markets - if you earned a job within one of these fields and had a probation period, it might be safer (for both you and your employer) to rent within the city until the position is combined. Websites can help you find what you’re looking for with search filters geared toward budget, neighborhood, and zip codes.
The Appropriate Price
Cost should always be a considered factor, whether you’re renting or buying. If you’re unsure of how much to spend on rent, it’s worth considering the 30% rule - this suggests that you pay just under a third of your monthly income on rent and this should include additional costs such as renter’s insurance or your security deposit. It’s important to strive to pay less when renting because the money you spend is moving directly away from your personal remit. Whereas in the case of a mortgage, you’re paying off a property you own.
As for buying, the big questions are whether the property in question is a high potential asset and if it’s located in an area of appreciation. It’s impossible to predict the market but you’ll want to research trends and pay close attention to which direction things are moving in. Much of the interest in central business districts has waned, for example, over the last few years. If you can get even a rough idea, it could save or earn you thousands in the future.
When it comes to property hunting, knowing yourself is just as important as knowing the market. If you can carry out the necessary research and create an order of personal priority, you’ll find the process more enjoyable and straightforward.
Lynne Patzelt is a wellness coach who addresses issues such as weight management, smoking cessation, burn-out, and other issues by identifying and making changes to their daily routine. Learn more about her services, at: www.lynnepatzeltcoaching.com