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5 common mistakes home buyers make

Buying a house can be an adventure full of excitement and worry in equal measure. The financial processes involved can be perplexing for both first-time buyers and movers alike.

Whether you’re taking your first step on o the property ladder or you’re a veteran of property purchasing, buying a new home can be a life-affirming event and is a big deal, both in a metaphorical and literal sense.

With the prospect of owning a new property within grasp, many of those buying a new house can get carried away in the excitement and make some very familiar mistakes.

In this article, we will highlight the importance of using a conveyancing solicitor such as our team here at Thorneycrofts, as well as some of the common mistakes that property buyers make.

1. Not budgeting properly

A common mistake among house buyers is failing to budget properly. To many, it may seem obvious that you need to budget and factor in both your incomings and outgoings, however many still forget to do this and end up spending beyond their means, leaving them in debt that can sometimes become unmanageable.

In order to combat this make sure you have the funds in place to purchase your home before you begin the buying process. Ensuring you have a mortgage ‘agreement in principle’ will help you when it comes to negotiating on price and the terms of the purchase.

2. Letting emotions get the best of you

Buying a house can be an emotional rollercoaster, but the ultimate decision – to buy or not, should always be made with your head and not your heart.

Buying the first house you see or purchasing a house cheaper than the market rate because it seems like ‘a good deal’ is never a good move.

If you opt for one of the above techniques when you’re buying your house, you could find yourself on the move again sooner than you might have hoped which will bring more stress and financial implications.

When buying a house, preparation is key. Draw up a list of must-haves and outline your budget and stick to it. If the right house doesn’t come up in your first few weeks of searching, don’t get impatient and disheartened. Take time out, watch the market or perhaps reassess your wish list. It’s always better to take your time after all, you need to make the right decision for you in the long term.

3. Not researching

Another common mistake is purchasing a property without fully researching the area that it sits in first.

Make sure you check out the commuter links, traffic levels, neighbourhood facilities and if you have a family, the local schools. All of these elements should play a factor in your decision to move and an oversight of any of these factors could result in you owning a house that isn’t suitable for your lifestyle.

Failing to research the what type of property you are purchasing can also have long-reaching consequences. It’s important that you speak to a qualified conveyancer such as a member of the Thorneycroft conveyancing team in order to assess whether a leasehold or freehold property is what you want to buy and whether it is right for you.

4. Not getting a survey done

Failing to get a survey done on the property is can be catastrophic. Ensuring your property is in good condition is vital if you don’t want to see repair costs mount up and your budget gets swallowed up by your new house. At the very least a ‘Homebuyers Report’ should be acquired as well as a full survey. They represent great value for money and can mean you potentially save thousands of pounds in repair costs in the future.

5. Not using a specialist conveyancer

When it comes to purchasing a property the legal aspects of the transaction can be complex. It’s imperative that you consult a solicitor who is a qualified conveyancer.

Our conveyancers will carry out detailed searches in order to ascertain the suitability of the property you are looking to buy. They will flag up any potential issues in order to help you decide on the next course of action.

Thorneycroft Solicitors has been granted Conveyancing Quality Scheme (CQS) accreditation by the Law Society. The CQS provides a nationally recognised quality standard for residential conveyancing solicitors, ensuring that you as clients can be assured that you will receive the highest levels of client care and a quality service from fully qualified and experienced solicitors.

Failing to consult a conveyancer could result in you missing out on this vital service and mean you could end up paying more fees in the future.

If you are thinking of buying or selling a property then our team are ready and waiting to assist you.

If you would like to speak to a member of our team to discuss your conveyancing needs further, you can contact our team directly by calling 03300 580 118 or you can complete our online enquiry form and a member of our team will get back to you at a time that is more suitable for you.