No matter what stage in life you’re at, buying a home is probably one of the biggest decisions you have to make.

If you get it wrong, it’s at best an expensive mistake, or at worst can affect your well-being and finances. Get it right, and you’ll enjoy your new home and all that goes with it.

Before the excitement of looking for the perfect property begins, you’ll need to go back to some basics and ask yourself these questions:

• what can you afford?
• where you do want to live?
• what type of property you want?

These three basic questions are like overlapping circles and affect each other. Ultimately there will be some compromising – there is a difference between the property in the location you dream about to the perfect property for your current financial and life situation!

To help with the decision-making process and to finding a property as near as perfect for you, here are some points to consider to help you think critically about buying your next home.

Why are you moving?

There are many reasons for wanting to move; maybe you’ve changed jobs, your family is expanding, or you’re wanting a more manageable property. Obviously, the reasons for the move will affect the type of property you’re looking for.

• First time buyer

The chances are first time buyers are looking to get a foot on the property ladder; many will be restricted finance. It is worth thinking about getting a property you can renovate over time so you can sell at a profit in the future.

• Upsizing

If you’re looking to upsize, think about a house you can grow into; how many bedrooms do you need, and what is the ideal outside space? If finances are restricting you, and you like where you live, it may pay to review your current home and look at ways in which you can improve and expand it. For instance, can you build into the loft or develop other underused space?

• Downsizing

Are you looking to free up capital or is the garden getting too much? Downsizing often means moving into an apartment or a complex, so you will need to consider proximity with the neighbours and a need for personal space. Consider what’s important to you; if you enjoy hosting family and friends, look for a property with a reasonably sized second or even third bedroom.

• Change in lifestyle

Whether you’re changing a city apartment for a rural retreat or vice versa, really think about the changes you’re making; what works well for a couple of weeks’ holidays may not be for you on a permanent basis. Consider renting in an area for a few months before you commit to the expense of moving.

• Change in jobs

If you’re moving because your job requires you to, think long-term. Is the new location going to be somewhere you want to live permanently or is it just for a few years? By the time you’ve factored in moving costs, it might be more economical to rent out your current property, particularly if you really like it, and rent a property in the new location. Renting a property for a while in a new location may well be the best way forward while you get to know the area.

What are you prepared to compromise on?

Realistically, unless you are really lucky, you are unlikely to find a property that ticks absolutely every box. For instance, a brilliantly centrally located apartment in close proximity to amenities and city life, may not necessarily have the best view or immediately nearby parking.

And some of the trade-offs may turn out to be opportunities; you may get more bang for your buck for a property in the next suburb along, or set back a couple of streets from the beach.

Do your homework

When you start searching and are at the stage where you’re viewing properties, take a step back and distinguish between what is superficial and what is fundamental. For example, you can easily change the colour schemes and flooring, but there is nothing you can do about the total floor area in a first floor flat. And narrow corridors or awkwardly shaped rooms will be difficult to change.

Find out as much as you can about the property and location; check out our quick guide to viewing a property for tips on what to look out for and questions to ask. It’s also worth checking the local council to see what is planned for the area.

And of course, if you do need to sell your property, get in touch with us and we’ll come round and give you a free, independent and non-obligatory quote.

We can also suggest low-cost ways to improve your property; having been in the business for 40 plus years, we’ve helped thousands of people add value to their properties and are constantly achieving great results for our clients.

Call in and see us in the Cardiff office or give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.

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