Over the years, I’ve helped tons of first time home buyers, including my daughter, purchase their first home in the UK.
You may think that as the years pass, first time buyers nowadays would be little bit more prepared than the ones I worked with a decade ago. This isn’t the case. Actually, they seem to make the same mistakes that my previous clients committed.
I’m a “learn from your mistakes” kind of person, which why I’m sharing with you some mistakes that every first time home buyer in 2015 should stop doing:
Overspending on a house
I’ve seen this phenomenon over and over again with first time home buyers. They’ll put off buying one house in favour of another one which offers a few extra amenities but worth a couple of thousands more.
When I ask them why they do this, they’ll always say that they’re already spending money so why not go all out.
Lenders are also hidden enablers of overspending. They usually use the information provided under your credit report and your tax documentation to determine how much you can borrow, but once in a while they approve applicants for first time buyer mortgages they can’t afford.
Don’t fall for these spending traps! Believe me when I say that the initial happiness and excitement you’re feeling over having a big house will be replaced by tons of headache and near heart attacks when the bills start pouring in.
A big house means more expensive utility bills, and this could force you to bleed out money which could’ve been used for your mortgage payments.
Not visiting the property multiple times
They say that first impression lasts, but with property it usually doesn’t.
That 3 bedroom house with 2 baths you love so much may turn out to be the worst decision of your life when you realise upon moving in that you’re going to be stuck with rowdy neighbours.
That’s why before you put on a bid for a house, make sure to visit the place at least twice. Drive through the neighbourhood at different days and times and check if the neighbourhood is usually quiet or noisy. Are there children playing around the street all the time? Are police cars scanning the area all the time?
You need to do this test in order to determine if the neighbourhood is a right fit for you and your family.
Skipping the home inspection
Home inspections aren’t mandatory, which is why many sellers just encourage buyers to go on with the deal without conducting one.
Be suspicious when the seller acts like this. Why doesn’t he want another person tinkering around his property for sale? It may be because the house he’s selling has a hidden can of worms waiting to surprise you when you move in.
Many first time buyers have been surprised with faulty electrical wiring, plumbing, leaking roofs, and weak foundations just because they took the seller’s word that the property is in tip-top shape.
What’s worse is that if you buy a house and skip the home inspection, you’re financially responsible for any problems that arise after the deal is closed.
Spare yourself from the headache by being a responsible buyer.Tags: first time buyer mortgages, first time buyers, first time home buyer, first time home buyers, property for sale