Biggest mistakes made by first time buyers

1st Aug 2018

For many people buying a house will be the largest purchase they will ever make, but it doesn’t have to be the most difficult. So here are some common mistakes that are usually made by first time buyers;

PRIORITISE YOUR NEEDS 

• Decide and prioritise what is important in a new home;
• What you desire and what you actually need can be two very different things;

For example, do you need a house close to your job? How many bedrooms do you nee? Do you want a drive or a garage? Do you want to renovate or do you want a newly renovated home? Focus on your priorities.

NOT CHECKING YOUR CREDIT SCORE

• The ability to get credit is essential when it comes to making any major purchase, especially a new home.
• Make sure that you are credit worthy before venturing into trying to buy a house.

NOT GETTING A PRE-APPROVED MORTGAGE

• Once you know you’re credit worthy, visit a mortgage lender, talk to them and get a mortgage in principle;
• Knowing you’re able to get a mortgage can help you save time in the long run because you’ll know exactly how much you’re able to lend at this point;
• Focus your efforts around houses in your price range, by looking at homes you can afford you won’t be wasting your time.

FALLING IN LOVE WITH A HOUSE

• Don’t become emotionally invested into one house in particular;
• The decision will be impulsive and based on feelings rather than facts;
• You must stay calm and detached always;
• You’re setting yourself up for disappointment if the house is too expensive or if someone makes a bigger offer than you.

GOING FOR TOP OF YOUR BUDGET HOUSES

• Don’t take that figure as your target for purchasing a new property
• Just because you have a certain budget available doesn’t mean you should find a house at that exact value;
• Find a property below this figure that you’re more comfortable paying;
• You have to remember that there are other costs involved in paying for a house.

NEGLECTING ADDITIONAL COSTS

• There are many other expenses that you have to consider when it comes to buying a new home;
• Unlike renting, you’ll be responsible for paying building insurance and making sure and repairs that the house needs are carried out.

NOT GETTING A HOUSE SURVEY

• All homes have a professional property survey carried out on them;
• This is vital so you can see and understand if there are any underlying issues with the property before buying it;
• Paying for a well detailed property survey could save you a lot more money on repairs in the future.

FINAL THOUGHT

Buying a home for the first time can seem stressful and overwhelming and it’s not without its share of potential problems, most of which you’ll hopefully be avoiding after reading these valid points! By becoming aware of these potential issues you could face when buying a home for the first time, you can protect yourself from making costly mistakes and allow yourself to go house hunting with confidence.