Buying your first home can be an exciting prospect; however, it can also be laden with risks and pitfalls, especially in today’s unstable property and mortgage market. To navigate the process, which can be filled with bureaucracy and red tape, you should be aware of the common mistakes first-time buyers make.
The average first-time buyer’s deposit size is £61,000, with an estimated 362,461 first-time buyers coming to the market in 2022. This is a decrease from the previous year.
Considerations
Don’t make hasty decisions, allowing excitement to cloud your judgement. Ensure you are not overpaying or overlooking issues with your dream property.
Be prepared to adjust your wish list. Sometimes, the perfect property does not exist, so be willing to compromise or re-prioritise.
Be realistic and stick to your budget.
Be credit-score savvy and check your credentials before applying for a mortgage.
Save up for hidden costs, such as stamp duty and legal fees.
Don’t be afraid to haggle. Negotiation is key when purchasing a property.
Have an emergency fund saved in addition to a fund for your deposit and fees. This will take the pressure off unforeseen costs, such as repairs or maintenance.
Professional services
One of the most crucial parts of purchasing a property is to obtain independent legal advice. Property purchase is a huge undertaking and no first-time buyer should be compelled to start the process without enlisting the help of someone who can identify the risks and conflicts of interest. Legal advice providers such as https://www.samconveyancing.co.uk/news/conveyancing/independent-legal-advice-4849 are invaluable to first-time buyers.
Although a daunting prospect, a property transaction or purchase can be an exciting milestone moment in establishing your place on the property ladder with the right independent legal advice.