06 May 7 Mistakes Not to Overlook When Buying a New House in the UK
Buying a new home is exciting and scary, isn’t it? It can get stressful if you have some deadline before you need to vacate your current home and move into another. To add to the pressure, searching for a new home in a city like London, especially if you are a first-time buyer, can be a daunting experience.
Many people overlook crucial factors when finalising a deal only to realise later that they haven’t made the right choice or ended up paying more than what’s necessary.
In this blog, we deal with the common mistakes you should not make when buying a new house in the UK. It would be your home, and you need to take every care you choose the correct one for you and your loved ones.
Mistake not to overlook when buying a new house in the UK
Not Talking to Other People
Buying a home in new developments allows you to customize the home with tiles and fitting of your choice. However, there are certain things you should not ignore.
When you visit the property, don’t just see the prospective house and go back after a tour. Stay around, observe the surroundings, and talk to your would-be neighbours. People who are already living in the development are a great source of information. They don’t need to sugarcoat or hide the shortcomings of the place.
Visit at least a couple of them and ask about their experience. Know how much the property is worth. Ask about what elements of the contract need extra emphasis.
The Internet is Not Everything
As much as it seems like the internet has everything you’d want to know, it’s not true. There are limitations, and these could work against you when buying property. It’s always advisable and safer to hire a real estate agent to guide you throughout the process.
At the same time, make sure that you talk to at least one of the agent’s previous clients before you hire them. The agent’s portfolio on the internet may be glossier than what it is in real life.
Forgetting the Hidden/ Unseen Costs
This is something most first-time buyers do. Not all costs are mentioned on paper. Some are implied and presumed understood. Since many of us have a firm budget in mind, we assess the property’s value in comparison to our budget.
But what about stamp duty, insurance, any removals and renovations, the solicitor’s fees, etc.? Wouldn’t these add up to a substantial amount? Your budget should accommodate the cost of the house as well as the additional charges.
Not Making Provision of Snagging in the Contract
New homes often suffer from snagging. It is the cracks you see on the walls that appear soon after you move in or even before you do so. Snagging is usually caused by loose guttering and can be fixed. But if you have to get it fixed with your money, it doesn’t make sense. Not when you’ve paid the developer a hefty amount to buy a new home. Make sure to include these in the contract so that it becomes the developer’s responsibility to get the repairs done.
Relying on Mortgage Valuation
It sure is necessary to consider the valuation of the mortgage lender. But it’s no way enough. You should not rely on the assessment of one person/ entity when you are committing to long-term mortgage payments.
Take a look at other properties in the area that are similar to the one you liked. Compare the prices. But also compare the defects. Get a specialist to survey and assess the property. Many companies offer property valuation services for a price.
Love at First Sight
The emotional side of us relates very much to this, doesn’t it? We see a house and just know that it’s meant for us. But is it really so? Things are not always as they seem. While you do need to emotionally connect to a place, putting it on priority and not considering the practical issues can result in making the wrong decision. The last thing you want is develop a dislike the same home you loved.
Not Negotiating the Price
We have seen how hesitant first-time buyers are when it comes to negotiating. Don’t hesitate at this point. The idea of looking for a better deal and saving a few hundreds of pounds is nothing short of great. But to know how to negotiate and ask for the right price, you need to have a comprehensive idea about the property. This comes when you hire third-party surveyors to assess and evaluate the property.
Take time to search for a suitable home in a region that would be comfortable to live in. Don’t rush through the process, and don’t buy the first house you see, no matter how perfect it appears.