Common mistakes to avoid when buying a home

August 24, 2016 by Brendan O'Neill

Advice & Tips

Buying a home is a complex process, whether you are a first time buyer or it is your third home. There are mistakes which some buyers make, which can complicate the process even more.

Paying for a survey on your home is crucial if you want to avoid any unpleasant surprises at a later date. Buyers often mistake the valuation report for a home survey, but all it does is check that the property value covers the loan. There are various types of survey available and a mortgage adviser will be able to advise the most appropriate as they have undertaken CeMAP training which includes this information.

Failing to secure a mortgage in principle could mean that your offer on a home isn’t accepted. Sorting out your mortgage before looking at houses will mean that you know how much you can borrow and you can assure the vendor that you can access the money.

If you are currently renting a property but buying your own home, you could end up paying both a mortgage and rent if you don’t time the exchange of contracts carefully. Check how much notice you will have to give your landlord, so that you can calculate the most suitable date for you.

Before buying a house, make sure you know all the potential costs so that you have sufficient cash. In addition to securing the mortgage, you have mortgage arrangement fees, legal fees, moving costs, stamp duty and more.

Preparation before buying a property will help you to avoid any mistakes.