What should you look out for when buying your first home?
Purchasing a house is a big deal, especially when you’re a first-time buyer. In fact, the average price paid for a first home is now £207,000 and that’s estimated to increase to £270,000 by 2020.
It’s important to remain level-headed throughout the buying process and to think carefully before making any decisions. Fortunately, we know some of the pitfalls awaiting the first-time buyer and we’re happy to share them with you.
When viewing your potential first home, it’s easy to look at it through rose-tinted glasses and you might fail to spot things that can cause serious problems later on. If you have a family member or friend who’s in the building trade, it may be a good idea to take them along to view the property. They could see issues that you miss, and you can even use these problems as bargaining tools to drive down the price of the house.
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 doesn’t need hugely expensive repairs, you also need to be realistic. You may need to settle for certain things – poorly laid carpet or ugly wallpaper may not be your first choice, but they’re 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.