Mistakes to Avoid When Buying a House
Whether you are purchasing your first ever home or looking to make your second or third big purchase, there are a variety of important factors you need to consider. Buying a house is a huge investment and one that you shouldn’t make lightly. One of the best ways to inform your next house purchase is to learn from the mistakes of others. We all make mistakes, but if we can avoid some of the big ones, your house purchase will go much smoother.
Here are some of the biggest mistakes you should avoid when buying a house.
#1 Not considering all the costs involved
Buying a house comes with a lot of different costs. It can be easy to get overwhelmed with it all, and perhaps even ignore the math, but it can be a pivotal point in the process if you know everything you have to pay for. Before you even start house hunting, it is a good idea to thoroughly review your finances and your budget, and put together all of the costs associated with buying a house. This way you can ensure you are buying when you are ready, set realistic expectations, and don’t get startled with any surprise costs down the line. These include (but are not limited to):
The house deposit
Real estate agents, solicitors, banks, movers and other professional fees
Utility bills
Stocking your new house with food, supplies and furniture
#2 Trying to do it all on your own
Buying a house is stressful enough, let alone trying to do it alone. Whether you like to be independent, or if you are trying to cut down on costs, doing it by yourself is not advised. It is a good idea to work with a real estate agency who can help you research and find a high-quality property in your budget, a solicitor who can help you to navigate the complex legalities of a house sale, and even a mortgage broker to help you save money and get the best deal. You may also want to tell friends and family, so they can help you along the way with moral support, fresh perspectives and even an extra pair of hands on moving day.
#3 Rushing into a decision
It can be easy to want to snap up the first property that you see, after the first visit. While you may have found the house of your dreams, it is wise to take some time before making an offer. When you first view a home, many people tend to only focus on the aesthetics of the property, and more often than not, forget about other important factors, such as the location, the structure, etc. It is therefore important to make more than one visit to a property that you like, take videos on your tour, and make a list of things to look out for in each property that you visit, for example, checking the walls for cracks or damp, rotting woodwork, leaking taps, missing roof tiles, working electrics, etc. This will save a lot of headaches and costly repairs in the future.
Avoiding these mistakes will help you find good quality property.
