Buying a home is likely the biggest purchase that a person will make in their lifetime and with so much pressure to find the right property, in the right place at the right price, it’s easy to make mistakes that could cost you later.
We spoke to some expert Chelmsford Estate Agents to find what you can do to avoid making some of the most common mistakes that occur when buying a home.
Whether you are buying a property with a partner or by yourself it’s important to ascertain your priorities. Everybody wants their dream home but the truth is that with house buying comes a certain amount of compromise to fit within your budget and so knowing what it is that you deem most important will help.
It might be that you absolutely must live within catchment of a certain school. Maybe you run your own business and need an extra room to be used as a home office or you could have children and pets that require a good sized garden to play in. Whatever it is be sure to keep coming back to this during your search so that you are not blinded by the draw of a property that might look nice but isn’t actually what you need.
Don’t be Closed Minded
You can know what you like and you can rule out houses based on location, size and garden etc., but there are some things you will need to just get over. The chances that you are going to walk into the house you’ve always wanted with the exact décor, colours, layout and furnishings to your taste are near impossible.
Be flexible and open minded. The walls are painted a colour you don’t like, well that’s fine because you can paint over them. The bedrooms won’t fit your large pieces of furniture – that’s fine because there’s a dressing room so you can sell or repurpose the bulky cabinets, this is more important than furniture!
When it comes to buying a property, being able to get credit is essential. Things such as missed or late payments can have a negative affect that you won’t be aware of until you are denied your request for a loan.
Being aware of these potential issues in advance means that you can take steps to improve your credit score before you are ready to buy.
It’s common for people to guess or use an online calculator to predict how much they can afford to borrow and what price bracket of properties they should be looking at. However, it could send you down the wrong path of searching for and falling in love with properties that you actually cannot afford.
By contacting your chosen mortgage lender once you have your deposit you will be able to ask for a ‘mortgage in principle’. This is a certified statement from them confirming that based on the basic information given at this stage, they would lend you a certain amount of money. This temporary offer is subject to change but can give you a much more realistic number to work with which will help your search and save potential disappointment down the line.
Use You Head
Of course it’s important to love the house you buy but don’t let your heart carry you away and blind you to the reality of what’s in front of you. Remember to take some time to really think about it, take a step back and discuss it so you are able to consider everything with a clear head.
Consider the Budget
A lot of buyers when they are given an amount they can borrow are tempted to then look at properties at the very top of that budget. It is extremely important to consider the additional costs that come with buying a property such a moving fees, stamp duty, legal fees and surveys. Not to mention any immediate work, decorating or furniture you were planning on buying straight away that will all add up and eat into your budget.
Be careful to take all of these costs into consideration and find a figure that you will be comfortable making the monthly payments for without putting yourselves into any potential debt or financial trouble down the line.
It’s so tempting when you are on a budget to forgo things such as surveys because you love the house or are wanting to save money. However, the unpleasant truth is that this can result in problems being found after you’ve exchanged when it is too late and you are left with paying to resolve the issue.
Things such as rising damp, roofing issues and rot might not be visible to most people but a professional surveyor will be able to spot the signs and point out any issues so that you can take these into account and either address this with the sellers regarding the price or pull out of the sale if you are not comfortable with it.
Buying a property can be stressful but by making sure you follow these steps you benefit from a simpler, easier process that hopefully leads to you owning your dream home!