Your home is likely to be the biggest investment that you have ever made. The last thing you want to do is make a mistake that could cost you money. Equally, you are probably very excited and you want to move into your new place as soon as possible.
Before you go full steam ahead, though, read on to discover some common home buying mistakes that can get very costly very quickly if you are not careful.
Skipping the inspection – There is only one place to begin, and this is arguably the biggest mistake of them all: skipping the measured building survey. You need to get a professional property inspection carried out so that you can make sure there are not any issues with the house, the foundations, and so on.
A lot of people assume that this is a waste of money because they would have been able to spot faults during the house viewing.
However, most problems are not visible to the naked and untrained eye. Not only this, but you can bet your bottom dollar that the homeowner would have done everything to try and cover up such issues.
It really is not worth the risk. Pay for a professional survey so you can be certain you do not have a nightmare on your hands once you move in.
“When acquiring auction properties (like the ones we run here in the UK), however, in order to adhere to often strict deadlines it’s often quite hard to engage in full inspections. It can be wise to work with a professional builder who can visit these properties and flag up anything of concern,” comments James Durr of Property Solvers UK.
Failing to get everything in writing – You would not be the first person to assume that appliances in the home are part of the deal. You then exchange keys and walk into the property to discover that nothing is there anymore.
If you have been promised that anything is going to be kept within the property, make sure you get it put into the contract.
Common points of contention include big appliances, for example, dryers and washers, as well as ceiling fans, bath and shower fixtures, light fixtures, hot tubs, and window treatments. Make sure you go through the contract with a fine toothcomb before agreeing to anything.
Choosing a property that lenders don’t like – While this is not necessarily a mistake, it does need to be noted because it can cost you more money or it could give you issues in terms of securing finance.
Some of the types of properties that lenders aren’t huge fans of are as follows: character homes, properties too close to the sea, brownfield sites, new build properties, short leaseholds, flats over offices, restaurants, and shops, as well as high-rise flats and homes of unusual construction.
Click here for some opportunities. You may be wondering why new builds are an issue. This is because lenders tend to value them lower than the asking price, meaning you need a bigger deposit.
Hopefully, you now have a better understanding regarding some of the most common mistakes that people make when it comes to buying a home. These are all mistakes that can end up costing you a lot of frustration and a lot of money if you are not careful. However, now that you are aware of them, you should be able to avoid them!
