The 4 Mistakes First-Time Buyers Must Avoid
Searching for your dream home can be an exciting time for first-time buyers, as you’ll be taking your first step onto the property ladder.
However, rather than rushing into buying a home, you must aim to make an informed choice when investing in property. After all, it’s one of the most significant financial commitments you will ever make.
To ensure you don’t put a foot wrong when entering the property market, here are the four mistakes all first-time buyers must avoid.
- Failing to Research a Property
As you will be eager to receive the keys to your first home, you might be attempted to make a seller an offer on the spot. However, it’s essential to thoroughly research both a property and the neighbourhood before you make the financial commitment.
For example, learn more about the building’s history and compare the property to other houses or flats in the same area. Plus, if properties are selling at a slower rate in the area, it’s more likely a seller will accept a lower offer than the asking price to secure the sale. By doing so, you will buy the best property at a value for money price.
- Not Using an Estate Agent
It is common for some property hunters to overlook estate agents when searching for their desired home. However, as they will have extensive knowledge of the local property market and the best areas for your budget, they could help you to find the perfect property before it’s snapped up by another buyer. So, if you want to discover the most beautiful houses or apartments in London, reach out to experts in that area that can help you out. You can find estate agents in Hackney, for example, if you are within the London area, who can provide the expertise you need.
- Asking Too Few Questions
As you will be new to the property market, you might be unsure about the best questions to ask about a house or flat. However, the answers could help you to make an informed decision and potentially negotiate a better deal.
Good questions to ask about a property can include:
- How long has a seller been trying to sell the house/apartment?
- How long have they lived at the property?
- Why are they moving?
- What date are they hoping to move?
For example, if a seller is hoping to move in a matter of months, they might be willing to accept a smaller offer to sell the home at a fast rate.
- Skipping a Property Survey
As money might be tight when saving for your first home, you might be tempted to skip a property survey. However, this is a rookie mistake you must avoid. While a property’s interior and exterior might look great, it could be riddled with various structural issues, such as:
- Rising damp
- Rotting floorboards
- Foundation defects
- A leaking roof
A survey can prevent you from investing in a property nightmare, as the house or apartment could be plagued with expensive issues once you move in. Don’t take the risk and organise a house survey to avoid any unwanted surprises in the future.
You May Also Enjoy
Housing Ombudsman’s report demonstrates necessity of vibrant and growing private rental sector
Inheritance Tax Receipts raise £1.5 billion in two months
Propertymark Responds to Boiler Scheme Consultation
Industry Reaction to Bank of England’s decision to hold interest rates at 4.25%
Rents Climb as High as 17.4%
