Buying a home and your first home at that is an extremely exciting yet daunting experience. Purchasing a home is a huge financial investment that requires preparation and planning. In this blog, we are going to highlight 3 common errors most first-time buyers make when they hit the property market.
- Forgetting to explore the market
The property market is h-u-g-e, and a lot bigger than most buyers think. Don’t just settle for the first couple of houses you’ve found.
Often first time buyers view a couple of houses and think they’ve found the one, they then either rush into the process or find out that it’s just over their budget. But remember, there are a host of properties out there that are guaranteed to fit your budget and also be your dream home.
Many buyers are also disappointed when they find out that their offer has been declined, that’s why we recommend having backup houses, most buyers will put in offers on multiple houses before one gets accepted.
- Financially unaware
Before purchasing a home, you need to save for a deposit (obvious, we know!). But, that’s not all that needs to be considered. Purchasing a home is a long-term investment that needs thorough examination of your finances, this includes your monthly income and expenditure because remember you have additional costs to cover. Many first-time buyers believe they have the flexibility to stretch their deposit without considering long-term costs. You don’t want to find yourself struggling each month to make ends meet with monthly repayments on a property that you cannot afford. So, just like we stated in point one, we recommend that you explore the market, you’re bound to find the right deal at the right price that suits your financial needs.
- Doing it yourself
Many first-time buyers believe it’s cheaper to sort out their mortgage themselves. Because it’s cheaper, right? Not entirely. Because we have years of expertise and experience in the market, we are able to advise what mortgage rate is suitable for you. We will also scour the market far and wide to ensure you are given the best deal on your mortgage. We can even help you with how to make better decisions in the long run.
If you are a first-time buyer, get in touch with First Financial Solutions today. We offer impartial advice and support on securing your first mortgage. Call us today on 01639 262222 or click here to email us.
* Your property may be repossessed if you do not keep up repayments on your mortgage.