The transfer costs and commissions involved in buying and selling property are enormous, so it’s essential to think longer-term when buying your first property. While it’s not always easy to know what the future will hold, give careful thought to how your property needs would change if you were to, for instance, get a pet, get married, have a second vehicle (car, boat, motorbike, caravan, or other craft), or engage in hobbies that require additional space.
Determine whether you will need to rent out space in your new property in order to generate rental income and whether the house can be modified to achieve such an objective. While a lock-up-and-go close to the city centre might be ideal for your needs right now, how different will these needs look one year, two years or even five years from now?