Whether you’re a first time buyer, downsizing, moving for work or any other reason to need a new home, there are common pitfalls that you need to be aware of so you can avoid them.
It doesn’t have to be that way. The last thing you want is the excitement of buying a new property dampened by a making a mistake that could’ve been avoided.
That’s why we’re highlighting five of the most common mistakes we see buyers make when buying a new property so that you can avoid them.
Lack of budget planning
Knowing what you can and can’t afford is essential when searching for a new property. It’s best to be realistic about what your price range is and avoid disappointment.
There are several costs you need to be considering. This includes up front costs like your deposit, the cost of your mortgage itself and associated coverage such as insurance, and on-going costs such as council tax.
You can use our free budget planner right now to help get your finances straight. We take your income and outgoings to calculate how much you would have left over for a mortgage.
Searching without having a Mortgage in Principle
A Mortgage in Principle is an estimate from a lender of what you could borrow. This’ll help give you an idea of how much you could afford.
While a Mortgage in Principle isn’t an outright offer, it’s usually accurate enough of an estimate that you can use it as a reference for what you could afford when searching for a property for sale.
Our partner Embrace Financial Services can get you a Mortgage in Principle in just 30 minutes at a time that suits you. Book your initial appointment today to find out more.
Not researching your desired property’s location
It can be easier to get caught up in your chosen property and not consider the location. The last thing you want is to invest in the property of your dreams, just to realise the surrounding area doesn’t fit your lifestyle.
For example, will you need to commute for work and, if so, does your desired property have good transport links?
If you drive, is your desired property as accessible as you need your home to be?
If you’re moving with family, consider checking what local amenities are available for them. That means schools, shops and potential work opportunities.
If you’ve pet dogs, are there green spaces for them to exercise? These are the kind of day-to-day life questions you need to be asking yourself.
Going with the first lender you talk to
While a friendly lender can be convincing, when taking out a mortgage to purchase a property you should always be considering what your other options are.
Otherwise, you could be convinced to take a rate from a lender that’s worse than what you could be getting.
That’s why Embrace Financial Services searches over 70 lenders for you, and then secure the right deal to suit you. That way you can be rest assured you’ve explored your options.
Not making the most out of viewings
You should always view a property you like in person. If your heart is set on a certain property.
Not making the most out of a viewing is how you could miss major issues with a property and not realise until after finalising your mortgage.
You should prepare a list of priorities for viewings – The rooms and amenities that matter the most to you.
You should also make sure you get up close and personal with the property. Look under counters, check skirting boards, even investigate the plumbing.
Book your first appointment today to start planning your future, appointments can be over the phone, face to face or via video call, or you can request a callback at a time that suits you.
Book your initial appointment today
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgages are referred to Embrace Financial Services Ltd.
Your Move E-Marketing Executive
