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The 6 Typical Downfalls of First Time House Buyers

April 21st, 2013 · No Comments

First time buyers need all the help they can get (see – leading estate agents in Harrow On The Hill). If you are looking for a leg-up onto the property ladder, then see these 6 greatest house-hunting mistakes – to be avoided at all costs.

Mistake #1: Looking Beyond Your Means

Looking at homes outside of your price-range can turn into a slippery slope. Once you’ve fallen in love with a home, there’s sometimes no going back. Consequently, you should only stick to viewing homes you can actually afford.

Whilst it can be tempting to look outside of the budget, you’ll only be causing yourself future stress and heartache. Know your budget and stick with it.

Mistake #2: Settling For the First or Second Home You See

Whether in panic or excitement, many first-time buyers can make the mistake of buying the second, or even first home they see. Whilst you may be in a hurry to secure your dream home, you have to remember that buying a property is a big deal – you ought to get it right.

Whilst you may think that you’ve discovered the ideal property, there are sure to be many other houses out there with similar features – maybe better. Take your time, look around properly and try not to rush into any rash decisions.

Mistake #3: Underestimating the Meaning of the Word ‘Renovation’

‘It could do with a little work, but there’s so much potential here’

Is this a phrase you’re acquainted with? Well, whilst the house could indeed have the potential to be something great, do you have the time, money or skills to make it that way?

The charges and time needed for renovation are often enormously underestimated by excited, first-time buyers. Don’t buy a fixer-upper you can’t handle.

Mistake #4: Overlooking Important Flaws

When you’re desperate to find the perfect house or have found somewhere in your dream location, or with your ideal garden etc., you can easily become blind to potentially huge flaws that the house may have.

Whilst a home may tick off one of your needs, the rest of the house still needs to be right.

Mistake #5: Making an Offer Too Fast – Or Too Slow

Before you decide to rush in with any offers, you should be 100% happy with the house. Yes, the market is competitive at the moment, but is it still worth taking a huge risk on something that might not be right for you?

On the other hand, you don’t want to be dragging your feet when it comes to putting in offers. Once you know that you’ve found the house for you – go get it (see – properties for rent UB6)!

Mistake #6: Offering Too Much

Last but not least, avoid losing your head in any bidding wars. When you’re trying to secure an offer on a home your in love with, it can be all too easy to offer a much higher price than you’d originally intended.

Keep a cool head; you may love this house but if you begin making offers out of your price range and it’s accepted – you may grow to love it less.

For more help and information on how to buy your first home, see – houses for rent in Southall.

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