Moving home is one of the most stressful life experiences, which might explain why so many house purchasers make understandable but avoidable errors. Desperate to relieve the pressure, they let themselves be distracted – with frequently unwelcome results. These are five of the most common mistakes.
Neglecting your options
If you wanted to buy in the past, you would approach a lender and get them to agree in principle the level of loan they would be prepared to give you based on property price and income. The mortgage market has changed in recent years and there are flexible alternatives to consider, such as shared ownership and the Help to Buy equity loan. Don’t forget to explore all the possibilities.
Overcommitting your finances
A property purchase will be one of your biggest financial commitments, so don’t over-reach yourself. If you put too much of your savings into the purchase and stretch the capacity for repayments to the limit, there will be very little left over for unforeseen eventualities. Any decrease in your income could even make these stretched repayments impossible. It is helpful to obtain professional advice, which may mean one of the experienced conveyancing solicitors Maidstone has in abundance.
Getting too attached
When you find your dream home, it is hard not to focus all your attention on the one property. While your determination to make it yours is understandable, it can weaken your negotiating position. Sometimes walking away is painful but sensible.
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Skimping on the survey
The best conveyancing solicitors Maidstone can offer will advise you to commission a survey and not rely on the very limited mortgage valuation that simple reassures the lender that the property is basically sound. It won’t reveal serious hidden defects. For older properties, a full structural survey is advisable; failing that, a homebuyers survey is the very least you should choose to avoid serious problems.
Not checking the property over
You may have decided this is definitely the property for you and even visited it a couple of times; however, this is a major investment and nothing should stop you from seeing it as often as you need. Don’t worry about intruding on the sellers, as you need to see the property at different times of day: busy, quiet, mornings, evenings. This is going to be your home, so make sure you are completely content.