Warning: Cannot modify header information - headers already sent by (output started at /homepages/29/d786878964/htdocs/clickandbuilds/Openbrix/wp-blog-header.php:9) in /homepages/29/d786878964/htdocs/clickandbuilds/Openbrix/wp-content/plugins/all-in-one-video-gallery/public/public.php on line 105 Buyers Mistakes – OpenBrix
The top mistakes that first-time buyers make and you will want to avoid
When it comes to buying a property for the very first time, you cannot expect to be an expert on the subject. You are heading into one of the most daunting and stressful events in a person’s life with no experience to back you up. However, luckily for you, plenty of other people have made enough mistakes in the past for you to avoid them all! We have compiled some of the most common errors in this blog to ensure you don’t fall into the same traps:
Not carrying out enough research
When it comes to buying your first property, research is everything. Before you even think about investing your time into researching the prices in the local area, carry out some quick and general research.
What are your priorities?
Do you need a train station nearby to get to work?
Do you want shopping facilities and a supermarket within walking distance?
Do you need a good school for your children?
Think about what you want from the area and make sure this place has it. After that, you can do a more detailed look into the going rate for similar houses in the same area to ensure that you are making a reasonable offer.
Not asking enough questions or the right questions
The excitement can take over once you finally find that perfect home, but you must stay calm enough to ask the right questions. The estate agent is always a good place to start.
How long has the property been on the market?
Why are they moving?
Are they in a rush?
Questions like this can be far more helpful to you as a buyer than the stereotypical nonsense like ‘How big is the garden?’.
If you find out more about the seller, why they are selling, and how long they have been selling for, you may earn yourself a better deal.
Not checking your credit score
We are not talking about a last-minute check here. Applying for a copy of your credit report should be the first thing you do after you decide you want to buy a property. This is because you may need a good while to make the necessary adjustments to your score. If you have a bad credit score, riddled with late repayments and bills, you will more than likely see your mortgage application turned down. By checking early, you will either confirm that you are good to go or will give yourself time to make improvements/changes to avoid delays and disappointment later.
Leaving yourself short
Remember, when you are buying your first property, it is quite likely that you are going to make changes once you move in. This may range from anything like re-painting the walls to more extensive changes like extensions and knocking walls down. You must ensure that you keep enough money held back to complete these additions. The best way to do this is to visit the property. Think about what you would change, and research how much that would cost you. It’s all about research and planning.
Underestimating the mortgage process
Applying for a mortgage can take a long time, with the most annoying thing being that it is not set, consistent timeframe. The average waiting time to receive an offer after an application is 18-40 days, but ensure that you plan well ahead to deal with any complications.