5 common mistakes buyers need to be aware of
Whether you’re a first-time buyer, downsizing, relocating for work, or searching for a new home for any other reason, there are common mistakes to be aware of and to try and avoid. But the excitement of buying a new property shouldn’t be dampened by easily avoidable mistakes. That’s why we’re highlighting five of the most common mistakes buyers make when purchasing a new property, so you can steer clear of them.
Searching without a Mortgage in Principle
A Mortgage in Principle is an estimate from a lender of what buyers could borrow, providing a reference for affordability when searching for a property. Though not an outright offer, it’s typically accurate enough to guide your property search.
Our partner, The Residential Mortgage Hub, can get you a Mortgage in Principle in just 30 minutes. Book your initial appointment today to learn more.
Lack of budget planning
Understanding your financial limits as a buyer is important when searching for a new property. Realistically assess your price range to avoid disappointment. Consider all associated costs, including upfront expenses like the deposit, mortgage costs, insurance, and ongoing costs such as council tax.
Not researching your desired property’s location
Buyers can be easily sidetracked with a property and overlook the importance of its location. Make sure the surrounding area suits your lifestyle to avoid future regrets. Consider factors like commute times and transport links if you need to travel for work. For drivers, assess the property’s accessibility.
Families should check the availability of local amenities such as schools, shops, and job opportunities. Pet owners should ensure there are nearby green spaces for exercise.
Not making the most out of viewings
Always view a property in person before deciding. Missing out on key details during a viewing can lead to unpleasant surprises after finalising your mortgage. Prepare a list of priorities for viewings, focusing on the rooms and amenities that matter most to you. Thoroughly inspect the property, including areas like counters, skirting boards, and plumbing.
Going with the first lender you talk to
While a friendly lender may be persuasive, it’s important to explore multiple options. Otherwise, you might settle for a less favourable rate. The Residential Mortgage Hub searches over 90+ lenders to secure the right deal for you, ensuring you’ve thoroughly explored your options.
Ready to start your search?
Book your first appointment today to start planning your future. Appointments are available via phone, face-to-face, or video call. Alternatively, you can request a callback from the team at The Residential Mortgage Hub at your convenience.
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