Buying a house is a dream come true for many. Similar to first jobs, a first home is usually the hardest but once one gets unto the property ladder subsequent homes are generally easier to buy due to experience, knowledge and the fact that one already has a mortgage.
As with first attempts, there are bound to be a number of mistakes and errors which can be accounted to lack of experience. Based on our experience of working with first time home buyers here are eight of the common mistakes first time buyers make when buying their first home.
- Not preparing early enough
When buying a house, it is best to plan at least a couple of years in advance if possible. This means knowing your income and expenses, credit profile, initial deposit value and generally what you can afford to borrow or else it could easily lead to a mortgage rejection.
- Underestimating additional costs
There are a number of additional cost associated with buying a property aside from the initial deposit. There is the conveyancing cost, home buyers report, stamp duty, estate agent fees, home insurance and removal costs which are associated with buying a home whether it’s your first or fourth. Using tools like a moving home calculator will be very useful to give you an idea of the additional charges you’ll be looking at when buying a house.
- Not looking for deals and comparing fees
Just like car insurance and most other services in the UK, you have options in terms of whom you decide to choose for your business. It pays to use comparison services like Reallymoving.com to find property lawyers, chartered surveyors and removal companies local to you that will give you a decent quote on services, as opposed to going with the first offer one receives from the estate agent or people selling the property.
- Not carrying out the enough house inspections and reports
First impressions are important when viewing a house, but houses can easily have a lick of paint and redecorating done to cover up important underlining problems such as dampness, leakage and others. Getting a professional surveyor out to inspect the property can save you a lot of money in the near future by discovering potential projects requiring a large sum of money – which might make or break the sale.
- Being too narrow minded with property searches
Everyone has an ideal dream home but sometimes due to budget constraints or locality we are restricted in what we can get. Sometimes, with an open mind a property can actually turn out to become one’s dream home. All it might require is a little extra spent on redecorating which can be negotiated with the property asking pricing.
- Not understanding the fine print on mortgage rates and charges
Not everyone can read a contract clearly and understand it, and this is perfectly fine. This is the reason why getting a mortgage broker/adviser is always recommended, especially with one’s first property. This will ensure you are carried along in all the different stages of buying a home without making decisions which could have a negative impact in the future – there might be an additional price for this, but the peace of mind that comes with it is priceless.
- Finding a home before a mortgage
Most people are constantly looking for a new home, however for a first time home buyer, it is best to have an idea of what you can borrow then take this to the bank and not the other way around – find a house then apply for mortgage. This would reduce the risk of heartbreak and rejection if one is unable to afford a particular house.
- Not researching the locality well enough
If you’re buying a house in a part of town you’re unfair with, it is best to do a lot of research into this area. Websites like Zoopla, local forums and sites are useful places to check online without leaving your house. Alternatively, it is always recommended to have a drive around the area, chat to the local shops and estate agents in the area to find out as much as you can about the area before making a decision.
Ultimately, it is not usual to make mistakes when buying a property but good preparation and planning can help reduce the possible issues which can arise during the buying process and this is what everyone strives for.
