Common Mistakes to Avoid When Buying a Property

Buying a property is one of the biggest financial decisions that you can make – and it’s not one to take lightly. While exciting, the journey can also be very challenging and there are several pitfalls that you can come up against along the way. However, our team of property professionals are here to help and have pulled together a list of mistakes to avoid when buying your next home. 

Rushing at the start 

Before you even begin to look at properties, it’s important that you get pre-approved for a mortgage – whether this will be your own home or an investment property. Either way, having a pre-approved mortgage in place means you have a better idea of your budget and it also highlights that you’re in a serious position to move forward, for sellers. Without this, you could be very disappointed if you find your dream home but don’t have the necessary funds.

Ignoring extra costs

On the topic of finance, the property price isn’t the only cost you’ve got to consider. There’s also stamp duty, survey costs, legal fees, moving expenses and furniture if you’re going to kit out your new property. This all adds up and therefore it’s essential to add it into your original budget to avoid any surprises down the line. 

Overlooking surveys and research

Just as it’s important to research the local area, you also need to look into the property itself – and that’s where a professional survey comes in. Not only can this uncover potential issues that you might not be able to see but it can prevent costly repairs in the long run. 

Making emotional decisions

While it’s important that you do fall in love with a property, you should never overlook its flaws. This includes ignoring red flags, location issues or even current market conditions. Keep a level head, ensure the property is right for you and at a good price, and be prepared to walk away if it doesn’t tick all boxes. Equally, this can also lead you to rush the process which can result in even more mistakes. Take your time and don’t be pressured into making any hasty decisions. 

Doing it alone

Whether you’re new to buying property or not, a professional team by your side will help to ensure that the process goes smoothly. This includes estate agents, solicitors and mortgage advisors. Together, they can help you to avoid the above pitfalls and make better informed decisions about your property purchase.

So, what are you waiting for? If you’re buying a property in Manchester, why not see how our friendly team can help. We even have industry contacts for the likes of mortgages that can ensure the overall experience is less stressful and more positive. 

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