If you’re searching for your first property so you can become a homeowner, congratulations! This is a major milestone in your life, and although the process can seem overwhelming and even daunting at times, when it’s all over, you will have your very own home.
However, it is important that you know what to look for when looking at properties to purchase. After all, a home is a major investment – most likely the most expensive thing you will ever buy. You don’t want to be stuck with thousands of pounds in unexpected repairs or other considerable expenses or issues you weren’t prepared to deal with. Do your best to not get too excited and overlook the details, so you can avoid these common mistakes that first-time homebuyers get caught up with.
Not using professionals
It may be tempting to skip out on using a real estate agent or property surveyor to help with your budget, but you may miss out on some crucial information you won’t know to ask about otherwise. It’s always good to have advice from a professional who is well-versed. Hiring London property experts to accompany you to viewings can save you money, time, and the headache of dealing with a poor investment decision.
Not getting a HomeBuyer Report
Even if it’s love at first sight with your potential new home, don’t fall head over heels before you get a HomeBuyer Report, and don’t close the deal without seeing any potential issues with the property. Even if you think you’ve done a meticulous walk-through and checked all the fixtures, appliances, and anything else that could require repairs, there are hidden dangers you may not know how to look for. Having a professional property surveyor complete a HomeBuyer Report can be a lifesaver, so don’t underestimate the importance of one.
Caving to pressure
In a hot property market, it can seem like you only have days, or even hours, to act and decide if you want to make an offer on a property. Don’t feel pressured to close on a property that you haven’t had a chance to fully explore because you could end up in a sticky situation and buy something you aren’t happy with. Even if you feel as though that home is the perfect home for you, making a quick decision almost always leads to regret.
Not knowing your true budget
Above all else, you want to buy a home that you know you can afford at the present time and in the future. For example, crunching the numbers at present time when you and your partner are both working can lead to a different budget than if it were five years in the future, you have a child or two, and only one of you is working full-time. Plus, added expenses you don’t have currently can affect your financial situation as well, like paying for a nanny or for a new car.
Make sure your mortgage payments allow you some breathing room and that you aren’t immediately stretching yourself too thin because, in the event of unexpected expenses, you don’t want to end up in a messy financial situation.