5 Common Mistakes Made By First Time Buyers

Buying a home is one of the most exciting life experiences, however, it can be one of the most stressful times of your life.

We have compiled a list of a few of the most common mistakes that first-time buyers should try to avoid.

1. Becoming Financially Stranded Before You Even Begin

Keep in mind that there could be potential hidden costs and factor them into your budget. Your deposit is just the start, think about mortgage arrangements and potential valuation fees, removal and storage costs, legal fees, stamp duty, home insurance and surveyor fees.

Always have an emergency fund for times like this when you really need it.

ItIt is also critical to plan ahead of time to avoid surprises. Also try to be cautious about the amount you borrow when searching for your dream home, even if it’s a mere £100 a month it still adds up and is a decision that can ultimately affect your lifestyle.

2. Not Doing Your Research

You want to thoroughly do your research and be armed with facts before you run into the home-buying process. Learn the art of negotiation and never be afraid to negotiate, even if you end up knocking off a couple of hundred pounds it all adds up.

Researching your preferred areas for price trends, and what prices other similar properties go for in your chosen area also helps filter down the best deal for you.

3. Failing To Conduct Structural Surveys

Although they may look beautiful, houses age, particularly period properties, which need specific and sometimes often constant maintenance to remain liveable. Ensure that you know exactly what you are getting into and get the most extensive structural survey you can afford.

4. Allowing Your Heart To Rule Your Head

Try not to forget that along with it being your home it will also be an investment for a long period of time. Don’t let your emotions take over when you are purchasing or looking for a home, don’t promise to pay for what you simply cannot afford.
A growing family or potential relocation could mean you would have to sell up, so ensure you are secure and confident in your initial purchase decision and know your likely resale value.

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