While the process of buying a home may be emotional for some people, it is essential to keep a clear head. To help you get a foothold in the market, we’ve put together a list of the top mistakes new homeowners can make. Experts including estate agents in Sittingbourne, say by avoiding these common blunders, you’ll not only increase your chances of buying the right home for your circumstances and for getting a good deal, but you will also improve both the outcome and speed of your buying process.
Review your finances before you choose a home
When house-hunting, it’s easy to get caught up in the excitement of what you find. Don’t let yourself get carried away, resulting in a flood of emotions that can cloud your judgment. Before getting too attached to a home, review the reality of your finances. Calculate how much you can realistically afford to spend on your next home, once you deduct tithe, savings and other expenses, so you won’t fall into the trap of thinking something is affordable when it’s not. When you’re out house hunting, the last thing you want is more stress. Don’t let the stress cause you to make costly mistakes. Don’t jump at a house that you cannot possibly buy. Don’t make a decision that might not work for you in the long run.
Do not assume that it is your last best choice
Now’s the time to be as picky as you want to be. All the homes you look at should meet your most basic requirements and can’t have major defects, such as a leaking roof or snagging electrical circuits. Get your home inspector’s report on all the houses you’re considering, and write down questions that need to be clarified before moving forward. If the sellers are unwilling to answer them or don’t address issues that are important to you, move on to another house. While buying a home is one of the biggest financial investments we’ll make in our lives, it’s possible to hunt for a home without closing down all other options. Asking friends and family for recommendations for solicitors and surveyors can help us feel more confident when dealing with people we have never met before.
Do not overlook major flaws
It’s easy to get swept off your feet and overlook important flaws because you’re so wrapped up in the thrill of buying a new home. Before you sign on the dotted line, carefully evaluate this house and make sure it has everything you’re looking for. Overlooking an important flaw that may be difficult or even impossible to fix is one of the biggest mistakes you can make. Look carefully at all aspects of the house, including the foundation, plumbing, electrical systems, windows and doors before making a decision to purchase.
Do not overestimate your handyman skills
Overestimating your handyman skills can be an expensive mistake. If you think you can fix up a home on your own only to discover that it’s more than you can handle in terms of time, money or ability, this can end up costing you twice as much once you factor in the work – and that may not be in your budget. Buying a fixer-upper doesn’t mean you have to settle for a run-down property in need of a major overhaul. Before you jump in and get your hands dirty, make sure it’s not more than you can handle in terms of time, money, or ability.
Don’t rush to make an offer
When you find a house you love, it’s tempting to make an offer right away. But in a hot market, there may not be room for negotiation. Without time to think, you may wind up with a deal that you come to regret. First, see the potential dream home in person and make sure it would work well as your daily residence. Take a walk around the neighbourhood, checking out the different features. Talk to residents and ask about safety, noise levels and traffic. It’s also a good idea to know where you will park your car, which rooms are light and bright and which ones are cramped.
If you’re feeling emotional or stressed about the current status of your home, be sure to focus on the facts of your situation. It can be an emotional time, but gathering statistics and researching comparable property prices will help you make a reasonable decision about your options for making a home purchase. On average, around fifty per cent of all first-time home buyers take up less than three months to complete their purchase. And over one third are accomplished within two to three months. These are just some examples of how you can use data to overcome emotion and make timely, rational decisions.
