Although buying and moving into a property is stressful, it’s something we all need to do at some point or another. There are a lot of factors to think about in moving. In the rush of it all, it can be easy to make certain mistakes. Here are some of the slip-ups which property buyers make. Be wary of these, and you’ll avoid further stress later!
First of all, respect the budget you have. You’d be amazed at the amount of people who break their financial limits in order to buy a house. If you think about it though, it’s pretty easy to see how some people can act impulsively when house hunting. You’re going to be viewing a lot of houses in a short space of time. All of them have been made to look appealing, and are having their best features exhibited. It’s fairly normal to go “for only this amount we could have this!” when you see engraved fireplaces and marble kitchen tops. When you’re dealing with such large numbers, it can be easy to overstep yourself. Nobody likes to think about changing jobs or a reduction in income, but these happen. Have a set budget and stick to it.
My next tip is to get a building inspector in before you make any kind of agreement. This can help you avoid all kinds of irritating issues, especially if you’re looking at older homes. You may be surprised to hear this, but there’s only so much estate agents are obliged to tell you. A lot of the time, what someone calls a “fixer upper” could be something far more disastrous. If you hire a professional building inspector, you’ll be able to see any issues within the home, and how bad they are. From patches of damp to rickety balconies, these companies look for everything. The information will help you make a more informed decision in your house hunt.
Remember not to forget about the added costs. This is especially important if you’ve been renting your whole life. Moving into a house isn’t as simple as changing your rent for mortgage payments. There are all kinds of other costs you have to take into account. You’re going to have to deal with property taxes, maintenance costs and insurance, all the while having enough money for yourself. A lot of people totally underestimate their actual monthly cost, and end up living somewhere they can barely afford! If possible, get your insurance quotes in advance and ask the current homeowners about their average utility costs. You should also set aside about one percent of the home’s price for annual utilities. Always look at these figures carefully before making a deposit.
Buying a home is stressful, but if you approach it carefully there’s very little that can go wrong. Make sure to look into homes yourself, and always be strict with your budgeting. You might feel like you just want the whole process out of the way. You’re going to be living with this purchase for a long time though, so don’t rush it!