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What to avoid when buying a property for the first time

What to avoid when buying a property for the first time

Buying a home for the first time can be an emotionally driven experience. While there are several new and exciting things that go into buying a home, it can be a complicated process to negotiate. Often, it’s easy to focus on the smaller details and lose sight of the larger picture while possibly making mistakes.

Here is what you need to avoid along the way:

1. Not getting a mortgage in principle

Once you have made the decision to buy a property, the temptation to jump into the search with both feet will be overwhelming. However, rushing in before speaking to your bank about the mortgage they are prepared to offer you could lead to disappointment.

2. Not working out what you can afford

There might be a difference between the mortgage you qualify for and what you can comfortably afford in real terms. It is always advisable that you leave some cushioning in the budget.

3. Focusing on the flaws

You shouldn’t compromise on your ‘must-haves’ but placing too much focus on the home’s flaws might have you miss the things that really matter.

4. Falling in love blindly

The look of a home is one thing, but more serious issues such as structural damage are quite another. Be fully aware of all the property’s issues before you put in an offer.

5. Waiting too long

It is crucial to make an informed decision when choosing the right home, but don’t take too long, otherwise, you could lose out to a faster buyer.

6. Not thinking about the future

Consider aspects such as the home’s resale potential as well as your future plans. It might seem strange to think about selling the home before you have bought it, but much of the home’s potential return on investment is based on decisions you make when buying, not selling. 

Here at Seymours, our friendly team of property professionals are on hand to help you find your first home. Contact us or visit one of our local branches to discuss your property needs.

To read the full article, please visit Guild Property.