6 common mistakes to avoid before trying to purchase a property
Buying a home for the first time can be an exciting and intimidating experience. It’s important to approach the process with caution and avoid common mistakes that can cost you time, money, and headaches. In this blog article, we will discuss the 6 most common mistakes that first-time homebuyers make and provide tips on how to avoid them.
Whether you’re in the market for a new home or just starting to think about buying, this article will help you navigate the process with confidence and ease. So sit back, relax, and get ready to learn how to avoid the most common pitfalls of first-time homebuyers.
If you have any questions or concerns about the home-buying process, don’t hesitate to reach out to us. We are here to help you make informed decisions and guide you through every step of the way.
You can contact us via 03455 120 125, use our contact form, or you can even use our online chat feature. We are happy to hear from you and provide any assistance you need.
Failing to establish how much you can borrow
Before you start viewing properties, you should establish how much you’re able to borrow. Once you’ve worked this out, you will have an accurate price range and begin to view properties.
Not working out a monthly budget you can afford
There’s no point buying a house if you cannot afford to leave it. Knowing how much you can borrow will help you understand how much your mortgage payments are likely to be, so you can budget accordingly.
Not having the correct documents ready
To accurately work out your affordability, you should ensure you have payslips/tax returns and your credit report to hand. Without these documents, no adviser will be able to provide accurate figures and things become guesswork. There’s nothing worse than viewing a property you love, then realising you cannot afford it. Your adviser will confirm exactly what you’ll need.
Not getting an AIP, or Agreement in Principle
When you make an offer on a property, an estate agent will ask for your Agreement in Principle – a piece of paper that confirms a mortgage lender has provisionally approved the amount you would like to borrow. If you don’t have this in place, they may not take your offer seriously and move onto another buyer.
Choosing a solicitor based on cost
It can take more than three months to complete a purchase – it’s the legal work that takes the greatest amount of time. There are lots of solicitors that may appear extremely cheap, but they can be very slow to respond, update or communicate, which adds a significant amount of time and stress.
Sometimes, if you can pay a little bit more and obtain a solicitor who will be proactive, experienced, great with chasing the other side and will communicate their updates with you. Choosing the right solicitor can remove a lot of stress.
Choosing the wrong mortgage broker
Choosing the right mortgage broker is crucial. Read reviews from previous clients to ensure they are the right fit for you. They should help you understand the pros and cons of each option. A good broker will update the estate agent on your behalf, liaise with the solicitor for progress reports and keep you updated each step of the way. They will discuss the importance of life assurance, home insurance and any other relevant insurances and discuss the importance of writing a Will.
Essentially, the right adviser will guide you from the start, through to the finish – and beyond.
We’ve covered some of the common mistakes that first-time homebuyers should avoid, but there may be others that we haven’t mentioned. If you want to learn more about how to avoid these pitfalls and make informed decisions, please don’t hesitate to contact us.
At Thameside Mortgages, we have a dedicated team of professionals who are happy to help you navigate the home-buying process. You can reach us by phone at 03455 120 125, use our contact form on our website, or via our online chat feature.
We look forward to hearing from you and helping you achieve your homeownership goals!
The Team @ Thameside Mortgages
