Buying a new home is one of the most exciting things you can do, however ignoring the details could end up costing you. Our estate agents have seen it all, and have identified the top mistakes that people make when purchasing a new home.
1. Looking at property without setting a budget
“Taking a hard look at your finances is critical before you begin to look at property”, says Guild of Property Professionals CEO Iain McKenzie. “I can’t tell you how many people I’ve seen fall in love with a property to realise that it’s out of their price range.” After you look at your finances, consider seeking professional advice, especially when it comes to mortgages.
2. Understand their reasons for moving
Buying a property is a huge emotional and financial decision, and certainly not one to take lightly. According to Siobhan Jordain of Boyce Brixham, it’s important to make sure that you’re running toward something better, rather than away from something unsuitable.
3. Buying too quickly
Rent first; figure out your likes and dislikes. Make an informed decision on your property location.
4. Having too many non-negotiables
When you view a property, it’s a good idea to know what you’re willing to be flexible on and where you’re not willing to negotiate. Stick to your convictions, but keep your list small.
5. Being closed off to alternative suggestions
The perfect property for you might not be what you think you want, so being open to alternative suggestions is critical when buying a home.
6. Waiting too long to make an offer
If you have a good feeling about a house and it ticks off your list of non-negotiables, then making an offer is the sensible choice.
7. Negotiating poorly
Negotiating is an important part of the property buying process, and negotiating poorly (or not at all) is one of the most common mistakes estate agents see in buyers. Negotiating will almost always result in a better price, especially if you maintain an air of ambivalence at a viewing.
8. Appointing the wrong property professionals
When you buy a property, be sure to choose mortgage brokers that are reputable and local to your area. Local professionals will have a much better idea of how the market in your area works than non-local brokers or solicitors.
Read the full article on The Guild of Property Professionals here.