Have you found your dream property or are you still searching for somewhere to lay your hat? Before you rush in to make an offer or arrange yet another viewing, here are 5 mistakes to avoid when buying a home.
1. Not having mortgage approval
What you think you can afford and what the bank is willing to lend could be two very different things, especially if you have a poor credit rating or a fluctuating income. Avoid the disappointment of losing out on your ideal house by securing a mortgage before making an offer. If you are self-employed you may be struggling to secure a mortgage because of your working status, here are some tips to get a self employed mortgage.
2. Failing to consider additional expenses
If you have been renting or living with parents you may have never given any other costs a thought but once you are a homeowner you are responsible for extra expenses like utilities, insurance and home repairs. Repairs can be expensive if you need a new roof or boiler for example. If your new home is a flat you will also have to factor in maintenance charges. Make a list of outgoings to ensure you don’t overstretch your finances.
3. Being too fussy
Of course we’re not suggesting you adopt a ‘we buy any house’ mentality, but being too fussy isn’t going to get you anywhere. It’s good to have a wish list of things you would like to have in your new home but you must be prepared to compromise on one or more of your items as it is very rare to get everything you want! Off street parking and a sunny garden are essential to most people whereas having an en suite could be considered a luxury. Decide which things are most important to you and which are nice to have.
4. Lacking vision
The purple wallpaper and green carpet may be off putting but don’t disregard a property because of its décor. If the kitchen is too small, get a builder to view the property with you to see if walls can be moved. As long as the location and size are good, everything else can be changed to your taste later.
5. Getting carried away
The designer bedroom may look like a photo in a magazine but is everything as it seems? Don’t get carried away with the immaculate appearance, take time to make sure the space is right for you. For example, new build show homes are very impressive but look closely and make sure the furniture is full size and that there is enough storage.
There is a lot to consider when you buy a property but as long as you’ve done your homework you can find the right home to suit your budget and taste.