Christmas brings its own set of stresses and magical moments, from proposals to welcoming guests. Whether you’re realising your house is too small or contemplating the necessity of vast spaces, the holiday season is indeed a unique time. Amidst the festivities, the pandemic has reshaped our housing needs, turning homes into offices, kitchens into cafeterias, and gardens into sanctuaries.

As we look forward to 2024, the housing market is predicted to see a 1%-5% decrease in prices by the year’s end. While this might be great news for first-time buyers, it could pose challenges for sellers eyeing retirement plans or ventures. Amidst potential market shifts, first-time buyers have opportunities to secure homes at more reasonable prices, although careful consideration of interest rates is crucial for long-term benefits.

However, navigating the competitive market requires a strategic approach to avoid common pitfalls in your homeownership journey. Here’s your House Buyers Guide for 2024:

1. Location, Location, Location:

• In the long term, property values can vary significantly based on location. Understanding market trends is essential. Use tools like Zoopla and Rightmove to check historical house prices, focusing on factors like accessibility, amenities, and schools for sustained equity growth.

2. Building and Maintenance:

• Every home, whether potential or not, requires some level of work. From painting to roofing, plumbing to gardening, these repairs can add up. Establish a dedicated home fund to manage these expenses effectively.

3. Physical House Visits:

• Never rely solely on online photos. Physically visit the house at different times to get a feel for the neighborhood. A thorough understanding of the surroundings is crucial, ensuring your dream home isn’t disrupted by unexpected disturbances.

4. Financial Preparedness:

• In a competitive market, speed is key. Visit a broker or bank before falling in love with a house to ensure financial readiness. Being prepared avoids the heartbreak of losing out on your dream home.

5. Check the Local Planning Portal:

• Investigate future development plans in the area to avoid surprises. Visit the council planning portal and local newspapers to understand potential changes that might affect property prices and your overall living experience.

6. Budget Realism:

• Work out your budget and live within it for a few months to ensure its realism. Falling in love with a property only to realize it’s beyond your means can be disheartening.

7. Comprehensive Surveys:

• Don’t solely rely on a bank survey. Opt for different levels of surveys, such as Level 2 or Level 3, covering foundation, plumbing, and electrical systems. Surveys can uncover hidden issues that might significantly impact property values.

8. Choose the Right Professionals:

• Surround yourself with a network of advisors who prioritize your needs. The biggest purchase of your life requires partners, not just bosses. Seek professionals who guide you toward what’s best for you.

In the spirit of the  holiday season, remember the importance of planning in your home-buying journey. Forming a transparent relationship with sellers can be key to a smooth transaction. Transform “Ho, Ho, Ho” into “Home, Home, Home,” avoiding the pitfalls that could turn it into a “Horrible, Horrible, Horrible” experience.

Author: Masud Khan