The opportunity to buy your first home is an exciting prospect. However, that does not mean that you should rush into the procedure. There is a lot that you need to consider when searching the property market, and it pays to go in with the right instincts.
There are some common mistakes that can negatively affect your time in your first home, which is why it is important to highlight these issues to home hunters. Remember, buying a property is a marathon, not a sprint. As such, try to keep the following mistakes in mind so that you do not repeat them yourself.
1. Failing To Get Pre-Approved For A Mortgage
Anyone that is ready to search for their first home will have crunched the numbers themselves. Even if you are new to the concept of mortgages, most people are familiar with how to save for a house deposit. However, there is more to qualifying for a mortgage than saving up for a down payment.
Every prospective homeowner will need to prove that they can pay back the amount they have borrowed in the form of a mortgage, no matter how much they manage to save for an initial deposit. You can prove this fact to lenders by being pre-approved for a mortgage. During this meeting, a lender will review your income and credit score to determine whether you are reliable enough to pay back the mortgage based on how much you are willing to spend on a down payment. You can only put an offer on a house if you have been pre-approved in this way, so make sure you get this contract sorted before you find the house of your dreams.
2. Choosing The First Home They Viewed
House hunting can be an enjoyable experience, especially if you already have an idea about the type of house you wish to live in. Unfortunately, a lot of prospective buyers get swept up in the excitement when they begin looking and, suddenly, their vision of the perfect home goes out of the window.
Anyone moving from a rental is going to view the size of a new house as a huge benefit. Therefore, a lot of new buyers rush into the first home they see without thinking. After a time, the reality sets in and they miss out on their dream home. Take the time to view several properties before making a commitment. Even if you like the look of the first house you view, you cannot be sure that it is perfect until you have compared it to other homes on the market.
3. Surveys
A home survey is usually performed by your mortgage lender. This assessment of the property ensures that everything is in working order so that you are not faced with expensive repairs as soon as you move in. However, the lender’s survey will usually only survey the outside of the building. They are only concerned about the damage that could lower the value of your property. As such, they may request that the owners replace roof damage with corrugated roofing sheets or plastic roof sheets from Clear Amber Shop before the sale goes through.
Therefore, it is important to request a second survey from another professional. These individuals can look inside the house and search for other issues, such as rising dampness or electrical wiring that is not up to standard. Both surveyors will leave you with a list of what they have checked, so always get a second opinion if you feel something has been missed.
4. Spend Time In The Neighbourhood
A home is so much more than the four walls around you. Daily life takes place in the immediate area surrounding your property, so the goings on in the local neighbourhood will affect you. That is why it is always essential to get to know more about the neighbourhood you may move to before you make the commitment.
Spend a day or two visiting the streets and local businesses in the area and you should get a good idea of what life is like in these parts. What’s more, a quick google search will inform you of crime stats and future construction projects that may affect your quality of life. Even if the house feels right for you, the neighbourhood it is in may not suit your current lifestyle. Unfortunately, a nice home can overshadow these key issues, and home hunters often find themselves stuck in a place that does not suit them. Don’t let yourself fall into this trap.
Conclusion
Home hunting is a fun experience, but it should take you a lot longer than initially thought. Now that you know about some of the pitfalls, it should be easy to avoid them. Be careful, and it won’t take too long before you settle into the house of your dreams.
Article Submitted By Community Writer
