These Mistakes Could Lose You Your Dream Property
If you’re looking for a new home, time is of the essence. The market is competitive, it seems like prices are always going up, and there’s a lot to get organised. But don’t fret – we’re here to help.
While buying a property is never stress-free, avoiding some common mistakes can make the process a little easier.
In this quick read, we look at ways that buyers can avoid losing the race towards purchasing their dream property.
Avoid financial stresses
Timing is always of the essence when you find a good property, as it’s unlikely you’ll be the only one interested. To exceed other potential buyers, you need to organise your finances. Check out the following pointers to get a head start:
Consider seeking advice from a mortgage broker
Review your finances and cashflow, ensuring you include investments, school fees, holidays, cars, etc.
If you have a clear forecast, make sure you have set aside a sufficient pot for a deposit. There are plenty of online tools to help you work out how much you’ll need.
Get a mortgage in principle so you know how much you might want to borrow. This is valid for three to five months and shows that you can move quickly and mean business.
Trust the professionals
From estate agents to builders, conveyancers to mortgage brokers – the people around you matter. Many buyers don’t take advice or ignore what they’re told, which can lead to countless problems.
Use a trusted local estate agent (like us!) and ask questions about the property and area you’re interested in. Liaise with your mortgage broker to find the best deal and appoint a conveyancer as soon as possible so that the legal aspects of the purchase can get off to a strong start. Professional advice is key to help you move quickly through the legalities and financial complexities of a house purchase.
Don’t underestimate costs
When buying an older property, be sure to engage a surveyor or view the property with a builder before making an offer. Many buyers underestimate the costs of renovations or repairs, so their dream home can quickly feel like a burden rather than the start of a new chapter.
Legal fees, commission payments and other associated costs can build up, so it’s essential to ensure you have budgeted to include any work that needs to be done.
Whether you’re thinking about buying a new home or getting your property ready to sell, we are here to help and happy to talk things through. Just get in touch with us here on on 01428 786 321 or email nick@inghamfox.com.
