Buying a Home? Avoid These Common Pitfalls

If you’re going to make an investment that will cost you hundreds of thousands of pounds, it’s vital that you take care to avoid common mistakes. This goes especially in the housing market, where a failure to account for certain factors can lead to misery for the buyer.

Let’s examine some typical errors that homebuyers frequently make.

Underestimating Hidden Costs

When you’re saving for a deposit, it’s easy to focus on this single figure. But, in doing so, you should be sure that you don’t lose sight of all the other costs that might be incurred as part of the conveyancing process. These costs might include stamp duty land tax, removal services, and homebuyer surveys.

Skipping the Property Survey

If you want to cut costs, you might be tempted to avoid the homebuyer survey entirely. But this is a risk that might ultimately cost you more. Property inspections commonly identify parts of the house requiring repairs or updates. This knowledge might prompt you to revise your offer, or withdraw from the transaction entirely.

Ignoring the Local Area

Purchasing a house involves joining the neighborhood and local area as well. What schools are available? How close are you to the nearest hospital? If you want to go for a jog, is there an area of parkland nearby to accommodate you? The answers to these questions will shape your experience in the new home, and also help determine its value in the long run. Your individual requirements will guide you in choosing the most suitable area. If you’re going to start a family, for example, the quality of local schools will matter considerably.

Failing to Verify the Property’s Legal Standing

The involvement of conveyancing solicitors, and other legal professionals, might seem very expensive. But it’s worth considering exactly what their role is. They’ll confirm several important factors, including that the seller truly owns the property and that your purchase agreement will be legally valid. Look for a lawyer with specialised expertise in real estate.

Not Considering Future Market Conditions

What looks like a good investment in the short term might actually lose value as time goes on. Attempt to foresee future developments to the best of your ability when choosing what to do. Are house prices in the area likely to go up, or fall?

Falling in Love with the First Property

Buying a home based on emotion and impulse can sometimes be a mistake. While it’s a good idea to listen to your gut instinct, and to pounce on your dream home when you see it, it’s also worth considering a range of options, and gaining the perspective that comes from doing so. That way, you’ll stand a lower chance of experiencing buyer’s remorse.