'Location Location Location' - The importance of location when it comes to finding a new property!
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'Location Location Location' is a phrase reportedly coined by the late Scottish hotelier Charles Forte when he was asked about the secret of his success regarding his hotel chain. The phrase was also used as the title of a popular and long-running Channel 4 reality television series featuring Kirstie Allsopp and Phil Spencer who each week try to find the dream home for a set of homebuyers.
So the phrase 'Location Location Location' is generally used to emphasise the importance of finding the right location - be it the location of your new home or even a commercial property. But for the purposes of this guide, we'll stick with the context of a new home.
Finding the right location for your home is as equally as important as the considerations we mentioned on the previous page such as Property Type / Age / Condition, No of Bedrooms, Garage/Parking Space, Garden type and size.
Some of the considerations you'll need to take into account when considering the location for your new home are the proximity of the following amenities and facilities:
- Schools
Do you have children or is there a possibility of little ones in the coming years? If so, this is one of the most important considerations regarding the location of your new home. You'll want to make sure that there are appropriate schools reasonably close by. Colleges and Universities though, are generally not something you need to consider, even if you have offspring who are reaching the age where they will be considering further education, as it is likely they will move away if at University or be prepared to travel in the case of a College.
- Employment
Another essential consideration when it comes to considering the location of your new home. It's likely that you don't want to be commuting to your place of work unless absolutely necessary, or spending more time travelling than is necessary - not to mention the extra expense this can incur!
- Shopping
It's a good idea to consider the shopping facilities within the immediate locality, and slightly further afield. For instance, is there a convenience store / newsagents within close proximity of your new home? Going slightly further afield, is there a nearby supermarket for the weekly groceries shop, and a local town centre with the typical shopping facilities most of us will require at some point such as a Butchers, Bakers, Candlestick makers (ok, so that one is not quite so essential!), Opticians, Hardware / DIY stores, Banks / Building Societies, Takeaways, Post Office, Chemists, Clothing stores, Pet Shops etc? It's worth investigating if you are not familiar with the area!
- Doctors, Dentists and Hospitals
It's important to not overlook these aspects. Unless you're out in the middle of nowhere, it's unlikely that there won't be any of these facilities within a reasonable proximity of your new home - but again, it's very much worth investigating before making any decisions, particularly if you are unfamiliar with the locality.
- Public Transport
Even if you can drive, it's still a good idea to ensure a public transport system runs nearby to your new home, e.g. a nearby local and regional bus service, as you never know when they may come in handy. You may also wish to consider the proximity of the nearest railway station. It may not be an issue at the time of moving, but you never know when this might come in handy for future employment.
- Transport networks
Are you close to a major transit system such as a Motorway? It may not be an issue for some people, but it's always worth bearing in mind your proximity to transport networks to major nearby regional areas such as your nearest major towns and cities.
It's also good idea to look at the area where your potential new home is situated in. Is it a run-down area? Are there any known social problems or crime issues in the locality. Of course most areas suffer these difficulties to one extent or another, so it's a good idea to make sure your property resides in an area where these problems are minimal or at least tolerable!
So, never underestimate the importance of 'Location location location' when it comes to buying a new home, it really is crucial!
On the next page we'll look at the options of where you can go to get a mortgage.
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The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
