Common Mistakes First Time Buyers Should Avoid
Buying your first home can be really exciting but also quite stressful, this can cause you to overlook certain things.
Below we list some common mistakes and how to avoid them.
Becoming financially stranded before you even begin
Be aware of potential hidden costs and factor them into your budget. Not only do you need to save for a deposit, but you also need to consider mortgage arrangement and valuation fees, removal and storage costs, legal fees, stamp duty, home insurance, and surveyor fees to name a few.
If you plan ahead it’ll help you be more prepared and not taken by surprise. Also, be careful not to borrow too much, you do not want to end up with unaffordable debt and struggle.
Not doing your research
Be prepared, you should always research the area you are looking to live in. This will help you have a realistic price in mind for a home and help when it comes to negotiating. There’s always flexibility but don’t be unrealistic.
Failing to conduct structural surveys
Period properties need work to remain beautiful and safe. Make sure you know exactly what you are getting yourself into and can afford any maintenance costs.
If you are purchasing a particularly old property or are considering doing work on it, you should get a Building Survey. The surveyor may report that some work needs doing, and this can be an advantage when it comes to negotiating. In the long run, it’s so often a false economy to skip a survey.
Letting your heart rule your head
No one knows what the future holds, and chances are your first home is not going to be your forever home. Try not to let your emotions rule you, even if you have fallen in love with a property, do not overpay. Prices can be quite unpredictable; you ideally want the value to increase around your area so the resale value will be higher. However, it could work the other way and you may end up selling for the same price or a loss if you initially overpaid.
Know your potential resale value – check with your local council for planned transformation schemes that could add value to the area or risk reducing the value.
Don’t rely too much on the internet
Virtual viewings are good especially with the current Covid-19 restrictions in place, it’s also a great way of knowing if the property is worth investigating further. However, seeing it in person is definitely the best thing to do, so make sure you arrange a physical property viewing before putting an offer in or buying it.
Hopefully, these tips can help you make the right decision when buying your first home.
Looking to move? Take a look at our current listings here, or contact our team directly to discuss your full property requirements.