If you are considering purchasing a property in 2023 for the first time then it’s a great idea to arm yourself with the knowledge you need to make sure your purchase is a successful one. This blog will highlight the common property buying pitfalls so you can avoid them. Let’s get started.
House Hunting Too Early
Hunting for your forever home is the most exciting part of buying a property but it’s important not to get too carried away and do this too early. Getting a pre-approval from your chosen mortgage lender before house hunting will ensure that you know how much you can afford to spend on the house buying process and that you will be taken more seriously in the case of you not being the only bidder on the property.
Not Getting an Inspection
We can’t stress how important it is the get a professional inspection on the property you have set your sights on. A property inspection, carried out by a professional employed by you will save so many headaches down the line and will uncover any problems with the property before you fully commit to buying. A property may look perfect to you but could have serious underlying structural problems which it’s best to find out about in the early stages.
Not Saving Enough Money
You have your mortgage deposit and you are good to go right? Unfortunately, there are so many other costs involved in buying your first home outside of a deposit including various insurances, lender fees, solicitor fees, property taxes and of course your moving day costs. It’s wise to sit down with an advisor and work out how much money you will actually need aside from your deposit.
Using Emotion to Make Decisions
We have all walked into a property and mapped out our entire lives within it. Picked out bedrooms, imagining the summer family BBQ’s in the garden and mentally decorated all of the rooms but have you looked at the practicalities of the property? Is it close to the local schools? Is the property suitable if you decide to grow your family in the future? Is the garden really big enough for your beloved dogs?
If you are looking to buy your first home whilst avoiding the common pitfalls of property buying, our expert advisors are available to walk you through your options and advise you on the best course of action for you. We are available to chat here.