Knight West Estate Agents guide you through some of the more common pitfalls you can fall into as a first-time buyer.
When you’re in the midst of buying your first home, you can feel very overwhelmed by all the different information flying around. There are mortgages to be considered, solicitors to choose between, paperwork to read through, forms to fill out – phew! In between all of this, it can be all too easy to overlook something and this is when mistakes can be made, especially when you’re new to the process of buying a home!
We deal with a lot of first-time buyers, so are only too familiar with the common mistakes that can be made. Take a read of these classic pitfalls to assure that you don’t fall into the same traps!
Not being realistic
When it comes to setting yourself a budget for your first home, it’s too easy to forget the additional costs that come with moving. We’ve calculated these in a handy blog post for you, so take a look here to help you decide how much you can realistically decide to budget for.
Not considering your credit score
Securing that all-important mortgage will depend on your credit score. If you’re thinking of buying in the near future, we’d encourage you to look into as many ways as possible to boost your credit score. If you haven’t got a credit card yet, get one! Find some easy tips to boost yours here.
Overpaying on your legal fees
Unfortunately, you can find yourself taken advantage of as a first-time buyer, with additional, unnecessary fees being added to your conveyancing fees. It’s worth asking for your legal fees to be fixed up front and to receive an itemized breakdown of exactly what you are paying for.
Glancing over potential hidden issues
When viewing a potential new home, it’s easy to get excited and look at the property through rose-tinted glasses. But if you’re looking at an old property, it’s important to be thorough when viewing. Don’t be afraid to ask to go back for a second, or even third viewing – perhaps taking a more experienced family member with you – to check for any potential issues, such as cracks, holes or any damage to the property.
Not asking any questions
Don’t be afraid to ask – at any stage! This is one of the biggest purchases and decisions you’ll be making in your life, so ask away – whether you have questions about the property, the mortgage, or your legal fees. Take your time, and don’t feel pressurised!