First Time Home Buyer Mistakes to Avoid
For most of us, buying a home is a huge deal. After many years of working long and hard to save another money for a deposit to use for a house you are ready to go house hunting. Shopping for a new home is always exciting, exhausting but also a little bit scary because of the price tag involved. The overall aim is to end up with a home you love at a price you can afford.
So the last thing you want to do is jeopardize your chance of your dream home by making some common first time home buyer mistakes. By choosing the wrong property can affect not only your wallet, but also your welfare.
Here are some common mistake first time home buyers make and useful tips to help you avoid purchasing the wrong property.
Prioritise your needs
The first thing you need to do is decide and prioritise what is actually important in a new home. What you desire and what you actually need can be to very different things. Does the house need to be close to your job? Are you looking for a big garden? How many bedrooms do you need? Do you want a separate kitchen or open plan? Do you need a garage or parking spaces outside your home? Do you want a house you can renovate or one that has already been renovated? You’ll make a much better decision on what home to buy if you focus on your priorities.
Not checking your credit score
The ability to be able to get credit is essential when it comes to buying a new home. Knowing your credit score and how to boost it is key to making any major purchase, but especially a home. Make sure you are actually credit worthy before venturing into trying to buy a house.
Not getting pre-approved mortgage
Once you know you are credit worthy, then go visit a mortgage lender, talk to them and get a mortgage in principle. Knowing you are able to get a mortgage can help you save time in the long run because you will know exactly how much you are able to lend at this point. This then means you can focus your efforts around houses in your price range. By looking for homes that you know you can afford, as opposed to wasting time on something that’s totally out of your price range.
Falling in love with a house
One mistake people make when trying to buy a new house is that they become too emotionally attached to a particular house. This attachment can make people make an impulsive decision which is based on feeling rather than facts. When buying a house you have to stay calm and detached at all times to prevent making any quick decisions. Remember by falling in love with a property set you up for potential disappointment. The house may be too expense or someone may bid more than you which will then stretch you beyond your means financially. By lusting after properties you can have or afford can also cause you to feel unsatisfied with what you actually can afford.
Going for the top of your budget houses
The bank has reviewed your finances and told you how much it is willing to loan you for your new house. That’s great but don’t take that figure as your target for purchasing a new property. Just because you have a certain amount available does not mean you go find a house of that exact value. What your mortgage lender says you can afford and what you know you can afford are not necessarily the same. Find a property below this figure that you are more comfortable with paying which doesn’t put you too much into debt. You have to remember there are other costs involved in purchasing a property.
Neglecting additional costs
Buying a house isn’t just about the mortgage. There are many other expenses you have to consider when it comes to buying a new home outside of just simply paying a mortgage back. There are additional costs like stamp duty, legal fees, and surveyor’s fees. Unlike renting you’ll be responsible for paying building insurance and making any repairs the house needs (which will occasionally include expensive items like a new roof or boiler). Plus you then have the cost of moving to the new house so removal fees have to be factored in. Then once you’ve moved in then your potentially need to decorate the new house which comes at a cost and buy household essentials you never owned before such as additional furniture, appliances, garden supplies, and tools. All these costs add up so some money needs to be kept aside to cover all these costs.
Not getting a house survey
All homes need to have a professional property survey carried out on them even, believe it or not, brand-new ones. The sad fact is that some first time home buyers become so emotionally attached to the house and want it so badly they fail to get it checked. Before you buy a property it should always be checked over by a professional property surveyor.
A survey is vital so that you understand if there are any issues with the property before you buy such as structural problems. Just remember cosmetically a house may look all fine but under its skin, there could be rising damp, the flooring under the carpet could be rotting or the house roof which you can see too well might need to be replaced because it’s leaking. Paying for a well detailed property survey could save you money on repairs in the future.
Buying a home for the first time can seem stressful and overwhelming, and it isn’t without its share of potential pitfalls which we hope to help you avoid. But making you aware of the issues you could face when buying a home for the first time, you can protect yourself from costly mistakes and allow you to go house hunting with confidence.
For many people, buying a house will be the largest purchase they will ever make, but it need not be the most difficult if you just follow this simple advice.
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