First Time Buyer Mistakes
We see more and more first time buyers looking to get their first foot on the property ladder and it surprises me how costly mistakes can be made by these keen buyers in the market place.
Here are a few tips to try and avoid costly mistakes.
Patience: We know it is very exciting and new looking for your first property. However it is also a very costly mistake if you get it wrong. Make sure you look at what kind of property you feel would suit your lifestyle and what potential lifestyle you are looking to create. If you want to start to entertain friends at the weekend, do you want a kitchen/diner or a separate dining room and kitchen and potentially be shut away slaving over a cooker while your friends are socialising in the dining room?.
Don’t rush into buying the first house you see, remember sellers are going to show their houses at their very best and it is easy to get carried away with the illusion that it is right for you. Make sure it suits your needs and do research on the area etc. This should hopefully avoid any nasty surprises when you get the keys.
Don’t Forget Your Wallet: You wouldn’t go to the supermarket and fill your trolley up and get to the cashier and say “can I pay for this later” would you? So don’t do this when house hunting.
It is very important not to start looking before you have your deposit in place and a mortgage agreed in principle, not only does this mean you know your exact budget but you are also in a much STRONGER position to negotiate with the vendor. Remember to put aside costs like survey, solicitor and stamp duty.
Getting Too Excited: Don’t let your heart rule your purse strings as it could put you under unnecessary financial strain over the coming years. Displays of emotion could also be picked up on in the negotiation’s and you could end up paying a bit more than you would of liked to.
However there are some mistakes that can’t be avoided when buying your first home but some big ones can easily be avoided, be patient, get your finances sorted and don’t get too carried away in the moment.
If you follow our simple advice you could save yourselves a lot of hassle further down the line.