Discover all the mistakes often made by first-time buyers and how to avoid them with your local law firm, John Fowlers Solicitors.
Buying your first home is both an exciting and nerve-wracking experience. Not only do you have to find the right home, but the right mortgage too. There are many obstacles you need to face, often leaving you feeling under pressure to find a home right away. Many first-time buyers often make mistakes in the process, here are the most common mistakes to avoid.
Buying a house is the most expensive purchase you will ever make, however, there are additional expenses involved with moving house, so it's vital to budget effectively. Not only do you need to budget for your deposit but also added legal costs. It's best to prepare for extra expenses, so you're not faced with any surprise bills.
If you're in the process of moving jobs, this could cause complication for your mortgage approval. The lender wants to ensure you have a stable income and employment, meaning you can afford to pay your mortgage. It's advised to wait until after your loan closes before you switch jobs.
It's easy to be super-excited when viewing homes which means it's easy to forget all the essential details. Don't be afraid to take your time when visiting the potential property. Research has found that the longer a buyer spends at a property, the more likely they are to secure it for under the asking price. Having a second opinion can also be beneficial.
To keep ahead of potential problems, ensure you have a good credit score before you can even consider applying for a mortgage. There are many ways to boost your credit score. It's necessary to regularly check your credit score online so you can keep on track of your ideal timeline.
It's critical to ask questions if you're unsure about anything. Buying a house is a massive decision, so make sure you're comfortable with your choice and aware of all options. Whether it's a question about the property, the mortgage or legal fees don't be hesitant to ask.
Many first time buyers make the mistake of skipping a property inspection as they may not be willing to pay for a survey. However, we recommend getting one as it's a great way to avoid unexpected repair costs or issues that may be costly to fix in the long run. It will give you a guide to the amount you may need to invest in the property after you purchase it.