Buying a house: one part dream-come-true, one part some of the most stressful weeks of your life. One thing is for certain, it’s not something people enter into lightly, and knowing the best things to look for when buying a house is putting your best foot forward as a buyer – especially when you’re looking at cost for your space.
How much space do I need?
New builds in 2017 are built for maximum density, so can potentially be smaller than their early 20th Century counterparts. The average floorspace per inhabitant in the UK is 33m2, and this space is 2m2 smaller than a decade ago, as families struggle to afford bigger properties for their families. For first time buyers, figuring out how much space you need really depends on the space. A Victorian terraced house may not have the kind of open-plan living in its two-up-two-down formation that you’d find in a new build, but you may be able to buy more space for your money – for example, older houses may have bigger kitchens at the cost of a smaller living room.
Depending on your budget and your needs, outside space is worth calculating into your cost-per-square-foot calculation. Are you going to use the outside space? Do you have children or pets that would benefit from it? Back gardens generally increase a property’s value – the classic English Garden is still prestigious even in today’s market. A well-kept garden can potentially add another 20% on to the house’s value – so consider a weed-infested garden as an investment and money well spent on outside space. You never know, it could turn in to a passion project!
Check the extras
Don’t forget to consider everything that ends up in a property’s boundaries – like a front garden or parking spaces. The ‘curbside appeal’ that these both give off will add some serious value for your square-foot-spend,
What’s the Deal Breaker?
Every house-buyer has a breaking point. Almost 25% of house buyers are willing to compromise on their ideal location if they find the perfect place. So when you’re looking into a new property, be sure that you know how far you get before you have to turn your back on a property. Similarly, know what your budget is in order to factor in your spend-per-square-foot. The idea being when you finally make that trip to the bank, you’ll be able to successfully obtain a mortgage.
Know what you can scale back on – like kitchen or living space, number of bedrooms, or location – before looking at your next property. The space you get for your money is relative, so think about how one compromise can mean gains elsewhere: it’s all about balancing your priorities.
Consider the Future
According to Which?, the average difference between a two and three-bedroom house in London is £157,000. Compare this to the average bedroom extension cost at just £35,000 and the potential for more space for your money becomes huge.
iSell knows it means to buy and sell property. Call us today to find out how we can help you take the next step up the property ladder.