Given that it’s likely to be one of the biggest if not the single biggest purchase of your life, you want to make sure that you don’t make any mistakes when buying a home. You don’t want to get locked into a home that doesn’t suit you as much as you initially thought, nor do you want to be paying much more than you should. For that reason, we’ll guide you through 7 common mistakes you should make sure that you avoid when you’re buying a new home.
By Team Savant
Image: Benjamin Elliott
Not having an idea of how much you’re going to spend
If you’re looking to move house, then you need to have a concrete plan on how you’re going to do that. The most important part of this is having a good idea of how much you’re planning to spend on purchasing a property. There can be “hidden” costs to buying a home, it’s not just the cost of the mortgage, itself. You need to take the time, think about how much you’re able to put on a down-payment, how much you’re willing to pay for a mortgage in full, then do your research and add those extra costs on top. Doing the math can be, be perfectly honest, very intimidating. After your first round of sums, you might find that you need to scale down your expectations a little. However, it’s vitally important to do it.
Get your mortgage agreed on ahead of time
You want to make sure that you’re ready to buy any of the homes that strike your interest. You should be ready to get the wheels spinning as soon as you make the decision to buy, rather than making the decision, then having to wait (and keep the seller waiting). To that end, you should make sure that you take your time to choose your mortgage provider and apply for an agreement in principle ahead of time. These are typically valid for one to three months, and is a certificate that doesn’t guarantee your mortgage but is the proof you can show sellers that you’re most likely going to be able to get a mortgage for a certain amount.
Have a good idea of what you want and what you need
When you’re looking at homes, it can be easy to get swept up in the emotion of it all. Your heart can lead you to buy a home, only for you to later find that it doesn’t meet most of your needs in a satisfactory manner. As such, you should have some objective measures of what you’re looking for in a home. Think of your wants, first of all, the things that are crucial to maintaining or upgrading your lifestyle. Then consider your needs on top of it, which are not quite essential but nice-to-haves. Keep these in mind and shop around, rather than getting stuck on one property.
Not having an agent with you
Don’t fall into the trap of thinking that a real estate agent is only there to act as a middle man. Especially for first-time buyers, they can help you learn the ropes of the buying process, to begin with. Furthermore, they should come with a knowledge of the area and property histories that can help inform your decisions and help you avoid some of the worse deals out there. Real estate agents are held to ethical standards that ensure they always have to act in the interest of their client, first and foremost, so they can be a good ally to have.
Make sure that you take a good look at the home
You can inspect a new property all that you like, but you are not likely to be qualified to truly see any of the issues that might typically be lurking under the surface, hidden from the viewer at a glance. To that end, you should consider getting in touch with a professional for a home survey. Buyers who don’t get a survey could be buying a home with issues like structural damage, rot, roofing issues, and more. Aside from being hidden, these can also be some of the most expensive issues to fix.
Not being careful with your choice of solicitor
You should make sure that you’re choosing a solicitor that is ready and experienced in helping with the conveyancing process. Conveyancing is a vital part of the home buying process, and choosing the right conveyancer can help you speed that process along so that you’re not keeping the seller waiting, nor are you rushing through any important steps. You might want to look at your mortgage provider’s list of pre-approved solicitors, which they all tend to have. Otherwise, you might also have to pay a fee to get the solicitor approved by the lender so that they can get involved in the process. Lenders have no good reason to not choose solicitors they trust.
Making a choice out of frustration
Browsing through the housing market can be pretty frustrating, not to mention tiring you. A bad experience along the way, such as getting the rare misleading housing agent, getting outbid on a home, or a deal falling through at the last moment can all wear away at you. However, you have to resist the temptation to simply give in and let your frustration take hold of the wheel. If you decide you’re done with the home buying process and that you’re just going to buy the first home that meets some of your needs, it will come back to bite you. You have to stay resilient and make sure that you’re sticking to your standards, even when the going gets tough.
If you’re new to buying a home, then getting the right help can be crucial. It may add to the costs a little, but you can end up paying a lot more in repairs for a home with hidden issues, or even more if you decide to move again because the home proved to be too much of a hassle.