Common Mistakes to Avoid During Property Purchases

Buying a home is a major milestone, but the process can be challenging – especially if it’s your first time. Here are some common mistakes to avoid when buying a property to help you have a smoother and more informed experience:

Skipping the Mortgage Pre-Approval –

Getting a mortgage Agreement in Principle (AIP) before you start looking for your house is very important. A mortgage AIP is a written estimate from a lender of how much you may be able to borrow for a mortgage or remortgage. This allows you to have a clear understanding of your budget and helps improve your credibility with sellers as many estate agents may not show you a property without an AIP.

Understanding Additional Costs –

There are extra costs like Stamp Duty Land Tax, legal fees, survey, etc, that are on top of the deposit required. These additional costs can add up and are required in cash aside from the mortgage, so it’s best to budget for these from the start to avoid any last-minute financial stress. There are also ongoing costs to consider, such as, utilities and maintenance, council tax, repairs, and other costs in buying a property all of which you will have to start paying and account for.

Neglecting a Property Survey –

Skipping a property survey is risky as a surveyor can help identify issues with the property, such as structural damage, roof problems, etc. and provide detailed information about a property that you might not be able to notice yourself. Without a survey, you also can’t be sure of a property’s accurate valuation, and if you need to renegotiate a price, it could be harder. So, paying for a survey now could save thousands in repairs down the line.

Failing to Check Lease Terms –

If you’re buying a leasehold property, make sure you fully understand the lease terms. Factors like the length of the lease, ground rent, and service charges can have significant implications on both your finances and future resale value. Leases shorter than 80 years can be harder to mortgage and more expensive to extend.  

Ignoring Local Market Trends –

Research the local housing market to avoid overpaying. Look at recent sale prices of similar properties in the area and consider working with a local agent who can provide insights on the best time to buy or negotiate.

Not Planning for the Long Term –

Plan for your long-term needs, such as local schools, neighbourhood, commuting requirements, etc. Buying with these factors in mind ensures your home remains suitable for over the years, reducing the likelihood of needing to move sooner than planned.

Rushing the Legal Process –

Property purchases can often feel slow, but rushing can lead to oversights. Solicitors need to ensure that the essential checks are conducted, and everything is in order to make your purchase as stress-free as possible.

Avoiding these common mistakes can save you stress and unexpected expenses in the long run. It’s best to make informed decisions, take your time, and rely on professionals when needed!

For guidance on Residential Conveyancing matters, please don’t hesitate to contact Aston Bond on 01753 486 777 to speak to our expert Conveyancing Team!