House: Research your needs

In order to end up with the house best suited to your needs, you have to clearly understand what you are looking for and what options are available to you. This is done by researching in two areas.

Firstly, you research the market to find out what kinds of houses are available, familiarizing yourself with the different features, styles and price ranges etc. Secondly, you examine your own unique requirements in a house.

Research the market: House essentials

The first part of the research step is to investigate just what's available in the house market. The range of options can seem overwhelming, but you can make a good start by understanding the following major features:

Type: Freestanding or detached homes, town houses or terraced/semi detached homes and country cottages all have their appeal to different people. They come with or without a garden, or possibly even a paddock for a pony or your own private wood or lake.

Size: The size of a home is usually, but not always, associated with its style. A detached house will usually be larger than a semi-detached and cottages will usually be on the compact side.

Construction: Whether a house is brick built, timber framed, a log cabin, steel and glass or built from hay bales, it should meet local building standards.

Cost: The days of very cheap housing are gone. By far the majority of home prices are concentrated within a band close to the national average. The cheapest cottage may be 75% of the national average price however the most expensive family home can be 10 or 15 times this price.

Research your needs: Questions to ask yourself

Now it's time to determine what your requirements are in a house. For example, will you use the house only for rental purposes or will this be your primary residence?

You can start this process by considering the following questions - as well as any others you think of yourself - and recording your answers.

Have I lived in a house before?
	If you have lived in a house, work out what you did or didn't like about the house. You may be looking for one exactly like it, hoping to upgrade, or even trying to avoid any particular features that you didn't like.

What purpose will I put this house to?
	Perhaps the house will be your principal residence or you might be buying to rent. You might share the house with lodgers.

How long do I expect to keep this house?
	Maybe it is part of your ladder-climbing strategy; say a five-year stay before buying a larger house or perhaps it is a renovation and resale investment.

Is design an important issue?
	You might need single level living or perhaps two or more levels might be workable. If there are elderly or infirm people in the family two levels or more might not be a good option.

Is location an issue?
	You might need convenient access to work or the transportation network or be looking for a fresh air environment for the kids. Perhaps the area should offer the best rental rates.

What sleeping accommodation should the house have?
	Consider not only your existing family but also the frequency of celebrations involving your extended family and friends.

How many bathrooms should the house have?
	Families with teenagers or elderly relatives will need more than one bathroom to prevent queues forming.

How many and what type of public rooms will I need?
	You could be an open-plan type of family or you may prefer separate rooms for separate functions like eating, lounging, TV watching and game-playing.

Is home-working an issue? You might need an office in the house or an easy conversion of outbuildings for your business needs.

How important is kitchen layout?
	If you are a foodie who loves cooking and a convivial environment centred around a big family table, this will be important. Perhaps you favour take-out meals in front of the TV and only use the kitchen to store cutlery and crockery. You may want the kitchen to contain laundry equipment or you might prefer a separate utility room.

Is storage space important?
	You may live a minimalist lifestyle or you could need copious storage space for all that stuff you keep 'Just in case'.

How much garaging and parking space do I need?
	Consider the ideal driveway and garaging combination that would suit your whole family.

Is a garden an important feature?
	The kids might need somewhere to blow off steam or entertain their friends or you could be a keen horticulturalist. You might need a low maintenance outdoor space or an outdoor pool to fulfil your dream.

Understanding your needs is the key to a successful purchase and you can revisit your list of needs at any time during the buying process.

Once you complete this Research step, having informed yourself about the essentials of existing houses and identified your needs, you are ready to move on to the next step: Evaluation.

Video Links

Buying Distressed Property - Info
This video provides step-by-step instructions and tips on how to buy distressed property. (1m 30s)