It’s important for first-time buyers to escape the classic pitfalls in an effort to make their first home-buying experience a happy and successful one.
Lack of self-honesty
Although determining a budget is important, you should also factor in other hidden costs, including legal fees, building and contents insurance, and life insurance. There could also be annual fees for parking your car or potential changes in your commuting costs. All of these need to be factored into your overall budget so nothing creeps up on you unexpectedly.
Ignoring your credit report
You need to determine your credit score before applying for a mortgage. If your score is lower than you’d like, there are some things you can do to boost it. Registering for the electoral roll for instance is a quick and effective way to increase it.
Although mood lighting makes you feel welcome, it can often hide ongoing issues within a property, like cracks, damage, holes and years of general neglect. We advise visiting the property during the daytime to get a true idea of its condition; visiting a few times at different times of the day can help even further.
Whilst it’s beneficial getting a kitchen that’s already kitted out with a fridge, dishwasher, washing machine etc., if they aren’t energy efficient you could inherit expensive energy bills when you move in. Similarly if they’re faulty, in which you’ll be lumbered with bills for them to be fixed or replaced.
So remember when you’re next visiting a property to inspect the fixtures properly to avoid making a big, expensive mistake.
Whilst we would never advise against seeking quality legal and conveyancing advice, be careful not to get caught out by any extras that are offered. Ask for your legal fees to be fixed up front and that you receive an itemised breakdown of what you’re paying for.
Not asking questions
There’s no need to be shy about asking questions. Ask whether there were any previous disputes with neighbours or the council and if planning applications were made. Perhaps even ask about the state of the property’s boiler, as a new one can potentially cost you up to £1,000!
Are there any other pitfalls that should be avoided which aren’t listed above? Let us know on Twitter @haart_uk!