How to spot your forever home

Even with mortgage interest rates dropping to more affordable levels and affordability checks becoming less rigid, more and more people are looking to lay down roots and secure their ‘forever home’ when purchasing property here in the UK. And forever home buyers are getting younger! We’ll let Barclays reveal the latest statistics for those finding forever homes:

“Indeed, of those who moved in the last three years, 34% said they had done so with the aim of buying their ‘forever home’. This includes 33% of recent Gen Z buyers (age 18-27), typically a generation who might be expected to buy two or three homes before settling on a long-term option, and 36% of millennials (age 28-43) … 33% of recent Gen Z buyers, aged 18 to 27, said they bought a ‘forever home’ so that they wouldn’t have to move.”

While everyone’s idea of their forever home is different, there are a few non-negotiables that no self-respecting forever home should be without. When searching for your forever home and viewing properties, these are the things not to budge on…

The right location for now and the future

Location is pretty important! You can ultimately chop and change your chosen property, but the right location is key when living happily somewhere long term.

With this in mind, you should consider not just if you like the house, but if you love the life the location offers. This could mean having good local schools, easy access to public transport or a straightforward commute, nearby shops and other amenities, good proximity to parks and green spaces, or closeness to family and friends.

Think beyond if the location will serve you well right now or even during the next 5 or 10 years. An area that suits a young family now might not necessarily be the location they want once their children are teenagers – or when they eventually retire.

Enough space – but not too much!

It’s likely you’ll see through several important life stages in your forever home, and having the space to do that is vital. For a growing family, this might mean investing in a property with three or even four bedrooms, a home office, more than one bathroom, a larger kitchen and dining area, a decent sized garden, and plenty more storage. But, remember, bigger isn’t always better.

A huge house often commands higher mortgage repayments, energy bills, maintenance costs, council tax and debt. The trick is buying a property with useful space that you and your family will utilise well and often, and even adapt to use better as your needs change over time.

Greenery, parking and other practicalities

While a garden can mean more maintenance, most forever homes have some outdoor space. Keep your hunt for the perfect amount realistic – if you are not particularly green-fingered (and never plan to be), a low maintenance garden should be on your wish list.

The outdoor space available shouldn’t just be reserved for pretty plants and flowers. While not the most glamorous features, off-street parking, a garage or shed, other good storage options, and easy access to the property itself can make a real difference to its everyday practicality.

Affordability and efficiency over time

We may not know what the future holds for sure money-wise, but ensuring your forever home doesn’t present yet another burden should certainly be on your list of priorities. While it is tempting to borrow as much as a lender is prepared to offer when searching for your dream home, to keep your forever home, it has to be affordable.

Consider the affordability of your mortgage should interest rates change, one of your incomes temporarily falls, children become more expensive, working hours need to be reduced, home improvements need to be made, or other circumstances change.

Opting for an energy efficient home can also future proof your investment, keeping essential heating costs low over time.

Found your forever home or on a mission to? You’re going to need independent mortgage advice to fund it! Contact us today to get started.