Purchasing your first home is an exhilarating, as well as a nerve-wrecking experience since this means you will encounter multiple costly blunders on the way. Read on which are the most frequent pitfalls and how to entirely avoid them.
Not Getting a Pre-Approval
The lure of house hunting brings most first-time buyers to the market before they have a mortgage pre-approval. In fact, it can set you up for heartbreak as you end up falling in love with homes that are out of your price range. Tip: Be sure to get pre approved first — it proves that you’re in the game and lets you concentrate on looking at properties within your reach. For help from Estate Agents Gloucester, contact Murdock & Wasley, a firm of Estate Agents Gloucester.
Overlooking Additional Costs
This is what will be the purchase price. Stamp duty, legal fees, surveys and moving costs (other things first-time buyers never consider) To leave room for this avoid any curveballs everywhere, factor in an additional 3-5% of the purchase price.
Rushing the Survey
It is a false economy to skip a well-structured and organised survey. A full survey can also identify costly problems such as structural defects or damp, which may cost you tens of thousands down the line on repairs and could instead make for some good negotiation leverage.
Emotional Decision-Making
One novel trait of the property is all that high appeal factors which can easily derive you to think way out from logic. Stick with your guidelines and budget. When you’re barely able to keep up with your mortgage payments, that “perfect” house may not be so perfect.
Ignoring Future Needs
Consider your five-year plan. Are you planning a family? Career change? Buy a home that will fit not only your life now but also offers some “expandability”.
Find a mortgage broker, or do the comparison yourself — even small differences can add up to thousands over time.
Well, there are some common blunders that can be avoided by doing things the smart way thus ensuring a happy first property purchase.