Friday, May 3, 2019

5 Mistakes To Avoid When Purchasing Property

There’s a lot to consider when buying a property. As a result, certain costs and
requirements can easily get overlooked. Here are just five mistakes that you should
try to avoid when purchasing property.

Only budgeting for the deposit

Saving up for a deposit on a property can take a long time – especially if you’re a
first time buyer. Whilst this may be the biggest expense when buying a property,
it’s important to remember that it’s not the only cost. You also need to afford
mortgage valuation fees, conveyancing fees, inspection fees and possibly the
cost of hiring a removals company. Make sure to factor all this into your budget so
that you don’t end up getting caught short of money just as you’re about to
make your purchase.

Accepting your first mortgage offer

Never accept the first mortgage offer you receive. There are hundreds of mortgage
lenders out there and they will all have different offers. By shopping around, you
can find the best mortgage for you. You could even consider hiring a
mortgage broker to help you shop around – brokers may have access to deals
that you can’t find on the market due to close relationships with lenders.

Skipping the inspection

You should always get a property inspected before purchasing it – this will help to
notify you of any damage that could result in future repair costs, possibly preventing
you from buying a property that could be expensive to maintain in the long run.
There are many surveyor companies that are able to do
independent building inspections. Don’t mistake the mortgage valuation for
an inspection – a mortgage valuator carries out an inspection for the sake of
your mortgage lender and is unlikely to offer you any advice.  

Not researching the neighbourhood

The location is just as important as the property. In fact, if anything, it’s more
important – you can renovate a property to make it more to your liking, but you
can’t change the area. Make sure that the neighbourhood has all the facilities
you need. You may also want to do some online research into the crime rate
to ensure that it’s a friendly place to live. It could also be worth looking up
prices of other properties in the area to ensure that you’re getting a good deal.

Not considering your future plans

If you’re buying a property that you hope to live in for a long time, make sure
that it meets your needs in the foreseeable future. If you’re planning to start
a family, consider whether the home is spacious and child-friendly enough.
If you’re choosing a home to live out your retirement in, consider whether
it’s worth choosing a single-storey home in case your mobility deteriorates.
On top of this, consider any renovation plans and whether you’re likely to get
planning permission. All this will save you having to uproot and move again
in a few years time.

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