When you can finally afford to buy your first home, there are many things that you should consider; it’s not as simple as paying and moving in. There are a number of rookie mistakes that first-time buyers make every day and, if you fall victim, you could end up paying more than you can afford for a house that’s essentially falling apart.
Thankfully, we’re here to help. Read on for our comprehensive guide on mistakes you can spot and avoid when buying your first property. Buying a property is a complicated process, so don’t feel bad if you’ve made some of these mistakes already. This guide will help you gain expertise in the world of being a homeowner.
“keys” (CC BY 2.0) by CGAphoto
Mistake 1: Choosing a Property First
You might have spotted your dream house already, but don’t get too carried away with wondering where you’ll put your furniture just yet. There’s no point in beginning to view houses before you’ve found a lender; not having a mortgage agreement in place makes you a huge risk to sellers since there’s no guarantee you can actually afford their property. Save yourself the unnecessary heartbreak of losing out on a property you really like and prioritize your mortgage, first and foremost.
Mistake 2: Not Getting a Mortgage-In-Principle
Leading on from our last point, getting an in-principle mortgage from a trusted broker like Trussle is one of the most useful things you can do as a first-time buyer. This is an unofficial agreement that your chosen lender is willing to lend you a certain amount for a mortgage, based on factors such as your debts, spending habits, and income. While it’s not a guarantee, it means that you have a specific price range in which you can search for a property. Sellers will also consider you a more attractive candidate since you’re considered a worthy investment for a lender.
Mistake 3: Fixating on the Neighborhood
Or on the property, without considering that both elements complement one another in a good home. According to a blog post published by SWNS Digital on a survey in the US, a lot of Americans admit to disliking their neighbors, which is an inconvenience at best but can easily turn into a nightmare at its worst. Conversely, you could end up in a beautiful neighborhood with great neighbors, but living in a house that’s falling apart.
To avoid this problem, you could drive around your potential new property at different times of day to see if there are any disturbances from neighbors. Additionally, make sure you opt for a full property inspection to check for hidden issues, like dry rot.
Mistake 4: Not Giving Yourself Enough Time
It’s widely known that moving into a property isn’t an overnight deal: according to Really Moving, on average, it takes around six months for you to close on a property, but ideally, you should give yourself more time for unexpected delays. Otherwise, you may be rushed into buying a property that doesn’t suit your needs, and you may not have the time to save a substantial deposit. Also, if you’re currently renting, don’t tell your landlord that you plan to leave until you have an official closing date for your new property. By finalizing your plans before they’re really secured, you could find yourself struggling to find a place to stay if the new house arrangement falls through.
Overall, becoming a homeowner can be an easier process if you do your research. Use this guide, and you’ll be ready to face any potential obstacles that come between you and your new property.
