Common Mistakes the First Time Property Buyers Make

Buying a dream home is something everyone desires to have once in a life time. Realising this dream is a mighty task and you will need all the help you can while you go property hunting. It is commonly observed that first time buyers in London and generally around the world make some common mistakes which make then to regret later on. Let us have a look at some of them and try to avoid these while you go on th purchase your own house.

Lack of research:

In any kind of property buying the basic point is to research the market well before you actually leap into it. This applies all the more to the first timers because they need to learn about how the property market operates. Many families are cheated into buying wrong properties or invest in wrong builders mainly because they did not gather enough information about the property. Property solicitors London say that this mistake could cost the buyers very dearly in the long run.

Lack of preapproved loan:

Generally most of the first time property buyers will go to banks to arrange for the finance to buy their house. But the mistake most of them do is to approach the bank only after they short list the property. This will cause them to lose valuable time and by the time they arrange for finance, the property might be sold out. The buyers should approach a few banks and check with them about the loan amount they are eligible for. Based on the calculations, apply in 2-3 best banks and get their loans preapproved.

Lack of long term goals:

While buying a property people should always think of what will be the value of this property 5-10 years down the line and what are the factors they need to consider if they have to sell it. When they buy a house just to own one, they might not get the right value when they want to sell it.

Lack of legal help:

People are fooled by the idea that they themselves can verify the property documents. But it is a must to have property lawyers London have a look at then before you sign. They will spot the underlying clauses which you might overlook and which might cost you a lot in future. So instead of getting fooled, approach the right lawyers.

Lack of budgeting the additional costs:

When families make a budget for their new home, they tend to ignore the additional cost that come it. Expenses like registration, tax, insurance and so on can add up to be a substantial number and give the person a financial shock. To save yourself from this, collect all the due information and include these costs in your budget plan.

Lack of patience:

The great thing first timers lack is patience while buying a property. After searching for few months and not getting any positive results, they tend to become desperate and just settle for a moderate deal that comes their way. This can be the biggest mistake and leave them regretting for the rest of their lives.