07 Jun 5 Common Mistakes to Avoid When Buying a New House
5 Common Mistakes to Avoid When Buying a New House
Buying a new house is one of the most exciting things we can do. It feels like a fresh start, a chance to reinvent ourselves through our environment. However, sometimes, we can become overexcited when house hunting. We might rush into decisions, be fooled by the property’s appearances, forget about the practicalities, or settle for less than we deserve. As buying a house is a huge investment, you really ought to take your time and carefully think everything through. To help our readers make the right decision with their new property, here are some common mistakes that you should avoid:
1.) Choosing the Wrong Mortgage
One of the most important steps to buying a new house is obtaining a mortgage. Most people cannot hope to afford a property without one. There are many different types of mortgages available, and thousands upon thousands of mortgage providers. It can be extremely difficult to find the right housing loan for you. As a result, most people choose the safest and easiest option. This ends up costing them a lot of money in the long run. So, we recommend taking your time to find a mortgage. Comparison websites can really help you to weigh the pros and cons of loans and providers. It might also be worth consulting with different companies, evaluating what special benefits they could give you.
2.) Not Considering Location Carefully
Location, location, location. Perhaps the biggest part of purchasing a new property. Despite this, people still ignore locational drawbacks because they love the house’s architecture or surrounding area. In the end, this is what motivates them to move home again. So, what specifically should you be looking for location-wise in a property? Well, easy access is a massive factor to consider. Homes in rural areas might be picturesque, but country roads and coastal paths can be difficult to navigate – especially for older people. Also, if your house is incredibly remote with no local amenities, then going about your daily life will be far more inconvenient. Also, think about the geography of the surrounding area. Properties in valleys are susceptible to flooding; coastal erosion affects seaside homes; city dwellings often have limited parking or bad pollution. These are all factors that you need to account for.
3.) Overlooking Energy Efficiency
Every property should have an energy efficiency rating (or EPC). Your estate agent or the current homeowner is obligated to supply you with this information. If a property has a good energy efficiency rating, this will save you a huge amount of money on bills like water, gas, and electricity. However, people can sometimes overlook the energy efficiency of a property because it’s perfect in other respects. There’s nothing wrong with doing so, but new homeowners will need to prepare themselves for steeper energy bills and colder rooms. Furthermore, you may need to eventually make home improvements i.e., fixing the roof’s insulation. Properties with poor energy efficiency usually have a lower resale value, too. As such, it is important to carefully consider EPC ratings before investing in a new home.
4.) Forgetting to Thoroughly Inspect
Estate agents and property owners usually want a quick sale and so they might neglect to mention a couple of faults with the house. Such problems might include mould, bad water pressure, poor guttering, condensation in the double glazing, and so on. Therefore, before purchasing a property, we recommend thoroughly inspecting the inside for these sorts of problems. They can be difficult to spot, especially on first viewings. Review the property several times and perhaps bring along a second set of eyes. Though these issues might seem minor at first, they can eventually become much worse – costing you a fortune in repairs.
5.) Overestimating What You Can Afford
This is a massive pitfall for millions of homeowners across the world. We all dream about purchasing the perfect property, which is beautifully designed and in a wonderful location. However, in our eagerness, we can sometimes bite off more than we can chew. We invest in a home that we can’t sustainably afford. Ultimately, this causes a massive loss in profit. What initially seemed like a good investment can turn into a complete money drain. As such, it is important to be realistic with yourself. When house hunting, avoid looking for properties that are outside of your price range. Otherwise, you’ll just feel dissatisfied with any cheaper alternative. Instead, focus on finding a property with potential that is 100% affordable. Purchasing a house like this could also leave you with a cash surplus, which you can put towards renovations – boosting the property’s resale value.
Keep this information in mind when you next go house hunting. Never allow yourself to be rushed into a decision, focus on the little details, and have patience. Taking your time will ensure that you have made the right choice.