Five common mistakes people make when buying a house
For most people, buying a house can be a stressful, daunting and expensive experience. If you’re thinking about buying a home, or have already started the process, hopefully you’ve already started your research into the challenges and roadblocks that can happen when buying a home. From getting approved to a mortgage right through to making an offer, there are many hidden and forgotten stumbling blocks that can appear.
Here at QualitySolicitors Bradbury Roberts & Raby, we have selected out top 5 common mistakes people make when buying a house:
Forgetting About Hidden Costs
For many buyers, it’s common to use almost all of your savings to get on the ever-increasing property ladder. However, these buyers can often be in for a nasty surprise when it comes to the hidden costs of buying a house.
From home insurance, to property taxes and expensive repairs, these can all add up to leave you seriously in debt or completely eat up your rainy-day fund. Make sure you’re aware of mortgage arrangement and valuation fees, removal and storage costs, legal fees, Stamp Duty, home insurance and surveyor fees that may crop up.
On top of that, think about utilities, maintenance costs once you get in the house, when people add up all these extra costs, the house they think they can afford is often out of their budget.
Choosing the Priciest Home
Looking for and shopping for a house can be overwhelming and make you a little giddy. You might think, for an extra £10,000 you could get just that little bit more, or your dream home. But be realistic. When it comes to the monthly payments, even £150 a month can seriously affect your living costs.
What happens when an unexpected job change has to happen, or there’s a big car repair bill for example. Try not to max out your loan and be sensible with what you can realistically afford on a monthly basis.
Not Visiting the House Enough
It may be love at first sight for you with a house. You may be ready to make an offer on the spot, however this is often a terrible idea. Don’t get too emotionally attached to a house when it may turn out to have a lot of hidden downsides.
Many people suggest visiting the house on different days, at different times to ensure there’s no unexpected noisy neighbours or outside noise such as a busy bus route.
Plus, this gives you an opportunity to look at the property less star-struck. You may pick up on more negatives and be open to see areas which may need work.
Lacking Vision & Being Too Picky
This is a major mistake. A lot of potential buyers put off buying the cheaper houses as they are dated in appearance inside.
With a little DIY, and creativity you can completely change the inside of a house to suit you. This is surely a way more cost-effective solution in the long run. Plus, by decorating it yourself, the house will truly feel like a home to be proud of after all your hard work.
Not Carrying Out Proper Inspection
Many people make the mistake of leaving it up to chance, and risk not having a property survey done.
However, all homes need to have a property survey carried out on them. A survey is vital, as you may fall in love with a house cosmetically, however it may have growing structural problems which will be very expensive in the long run. For example, there may be growing damp, or the roof of the house may need replacing soon as it could be leaking.
Paying for a detailed property survey will protect you from any nasty surprises.
How can we help you with your conveyancing requirements?
Whether you’re buying, selling, investing, letting, or simply searching for your dream home, there will be times when you need a property law expert to help everything run smoothly. And should you encounter problems, having a knowledgeable property law solicitor on your side is invaluable.
We have a large specialist legal team of property lawyers, who are highly experienced in helping you to safeguard your home or property investments. From tenancy agreements and deposits, to advice on buying property at auction, simply visit our dedicated Conveyancing page to find all the guidance and support you need.
If you’re facing a housing or property issue, contact us on 01724 854000 for a Free Initial Assessment with one of our specialist legal experts.