What should you avoid when buying your first home?
Purchasing a house is a big deal, especially when you’re a first-time buyer. In fact, first-time homes in the UK cost upwards of £170,000 and that’s estimated to increase to £245,000 by 2020. It’s important to remain level-headed throughout the process. Failure to make rational decisions when you weigh up your options can be disastrous. Fortunately, we know some of the pitfalls awaiting the first time buyer and we’re going to share them with you now.
When viewing your potential first home, it’s easy to look at it through “rose-tinted glasses.” You may fail to spot things that can cause serious issues further down the line. If you have a family member or friend who is in the building trade, it may be a good idea to take them along and view the property. They may see issues that you miss, which can save you a lot of financial trouble. You can even use these problems as bargaining tools to drive the price down.
Some things to look out for include:
- Damp and mould
- Structural issues
- Faulty wiring and leaking pipes
- Chipped and cracked plaster
- Anything that will be expensive to repair
While it’s best practice to ensure that the home you’re buying is safe and will not drive you to ruin with expensive repairs, you also need to be realistic. You may need to settle for certain things. Poorly laid carpet or ugly floral wallpaper may not be your first choice, but they are certainly things you can fix once you’ve settled into your mortgage payments. As long as your basic needs are met and the house is safe, don’t write it off.