Property buying pitfalls and how to avoid them
Taking your first steps onto or moving up the property ladder can be a very exciting, but also scary time. Buying a property is the biggest transaction most of us will do in a lifetime and you need to find a home you love at a cost that works for you.
Here are our top property buying pitfalls and our top tips on how to avoid them so you can find your perfect home without a hitch.
1. Overestimating what you can afford
Affordability criteria for mortgage lending has changed in recent years so what you think you can afford isn’t always the same as what a bank or building society is prepared to lend you. Find out how much you are able to borrow and can afford to pay every moonth before you look at properties. Speak to our in-house mortgage advisers to find out how much you may be able to borrow.
2. Having too high expectations
Once you know how much you can afford to spend on a property you can begin your search. It is important to remember when you are viewing potential homes that what you want from a property and what you actually need can be very different. Try dividing up your ‘must haves’ and ‘would likes’ into two separate lists, then you can see what really matters to you and target your search accordingly. When viewing properties don’t forget to go with an open mind
3. Not having a survey
When you have found a property and had an offer accepted the next step is to book a survey on your potential new home. A survey may seem like an unncessary expense but the money spent on a survey could save you thousands at the point of purchase, provide a reason to negotiate a price reduction or save you more money down the line by uncovering problems such as structural issues, rot or even subsidence. We have a team of surveying experts who offer a range of residential surveys, get in touch for advice or to book your survey.
4. Buying furniture before you measure up
A common mistake made by many buyers is getting carried away with buying furniture before checking it will fit in the space they have in mind. You don’t want to buy your dream sofa and it not fit! Ask your estate agent for room measurements or why not book in another viewing to check room sizes before you invest in expensive furniture.
Our property experts are on hand to help you through the whole process, search our properties for sale in London, Surrey and Hampshire or register as a buyer with your local branch now.