I'm searching for a property to buy in Liverpool at the moment which is really exciting! But I keep changing my mind every couple of days and my head is all over the place. I want to live in it initially but also I want to buy as a long-term buy to let investment, so when I want to move on I can rent it out.
The only problem is that I can be very impulsive and I'm a danger to myself sometimes. My impulsivity started off with a trip to a car dealership when I got my first full-time job after Uni 7 years ago. A quick nose at a car online turned into a test drive... and 1 hour later I came home having bought a car on finance.
The same thing happened when I bought my first house. I decided to view the new build Bellway houses round the corner from my parents 4 years ago. I fell into that trap too. The day after viewing the beautiful show home the deposit went down and it was only afterwards that I realised it didn't include flooring, fences, turf, or patio in the price and I needed to spend another 5k minimum to get it to the standard I saw in the show home!!
Advice When Buying A Property
So now I'm looking to buy my own place again I have realised this week that the same pattern is emerging and I need to SLOW DOWN!
On Tuesday I was dead set on buying an apartment in town after viewing the most amazing apartments that have just launched in the commercial district in Liverpool city centre. They were fitted out to such a high standard within a grade II listed building with huge windows, beautiful Architecture, central heating and high quality fixtures and fittings. So I go home and get in touch with a financial advisor, only to find out that I can't get a mortgage on my own for the 1 bedroom apartment that I fell in love with. I was gutted. If it wasn't for that barrier I probably would have bought it the day after! I am so glad I couldn't afford it on reflection because I really need to slow down when making these big decisions. I'm sure you can probably relate to me because in these situations you get so excited. But this excitement can lead you into making a wrong choice that you may later regret.
In the space of a week, after speaking to about four different people in the property sector for advice, I have changed my mind four times. I've gone from wanting to buy a 1 bedroom apartment in town, to a studio apartment because that's all I can afford, to buying a house on the outskirts of the city, and now I'm considering buying a fixer upper with my Dad and doing it up. If we choose to do that and depending on how that goes we will sell it on or rent it out.
My one piece of advice from my experience would be to SLOW DOWN and don't be too hasty in your decisions when buying a property. Going to Bali really taught me to slow down because the pace of life is so much slower, relaxed and when you go slower you have so much more clarity on what is right for you. Also... do as much research as possible and ask more than 1 person for advice with different backgrounds and expertise; this will help give you a better picture and see things from another perspective. However, just because one person advises something, it doesn't mean it's right for your own personal situation either.
Now I need some more advice so I can actually make the right decision as I still haven't made my mind up. Decisions decisions!
If you have any tips or advice for me, know of any good areas to buy, then PLEASE let me know 🙂