Buying your first home is exciting, but it can also get quite overwhelming. There are lots of decisions to make and things to consider. So, it’s not difficult to make some simple mistakes, that could end up with you paying more than you need to or encountering other issues down the road. If you’re in the process of buying your first house, these are some common mistakes that you will want to avoid.
Not Getting a Mortgage Pre-Approved
Not getting pre-approved for a mortgage is one of the biggest mistakes you can make when buying your first home. If you don’t have an agreement in principle, it can lead to a lot of disappointment, plus a massive waste of your time, if you end up falling in love with a property that you can’t afford to purchase.
By getting pre-approved for a mortgage, you’ll get a better understanding of how much you can afford to spend on buying your first home. Plus, the fact that you’ve got an agreement in principle will make you a more attractive buyer to sellers as it demonstrates that your finances are in order.
Not Getting a Survey Carried Out
If you find a home that you love, it’s often all too easy to overlook any issues. Or, if there’s nothing obviously wrong with it, the idea that there might be problems with the property might not have even crossed your mind. This is why it’s so important to instruct building surveyors, such as a property surveyor who is registered with and offers RICS surveying to conduct a home buyers survey.
The purpose of a home buyer survey is to cast a professional eye over the house and investigate any issues that might not stand out. Damp, mould, structural issues, leaks, and many other problems might not be easy to spot straight away, and the last thing you need is to invest a lot of money into your first home only to find it needs more work than you bargained for. Find a house surveyor in Norwich, and have a survey done for your peace of mind.
Not Considering Hidden Costs
Saving up for a house deposit as a first-time buyer is likely to be one of the biggest financial undertakings that you’ll ever taken on in your life. However, while you’re busy trying to squirrel away thousands to pay your deposit and get a mortgage, don’t forget about putting some money aside for the other costs associated with buying a house.
When you buy a property, there may be more expenses associated with the sale than you’d first imagined. Conveyancing fees, for example, can often add up to a few thousand pounds simply to transfer the ownership of the property from the previous owner to you. And don’t forget about the cost of insuring your home, and moving all your belongings there.
If you’re buying your first house, making these common mistakes can add a lot of stress and disappointment. No matter where you are in your stage of the home buying journey, we hope that this quick guide has helped you get a clearer picture of what to avoid.