5 Mistakes To Avoid When Buying A House

Buying a house can be a hugely exciting experience, particularly if this is your first time purchasing a property.

That said, the buying process can be arduous and challenging, leaving plenty of room for mistakes and buyer’s regret, particularly if you don’t have the relevant experience.

Mistakes to avoid when buying a house include, but are not limited to:

1. Feeling pressured to make a decision
2. Failing to research the area properly
3. Choosing the wrong solicitors
4. Failing to get a mortgage agreement in principle
5. Not getting a property survey

1. Feeling Pressured To Make A Decision

Although buying a house is an exciting prospect, especially if you’re a first time buyer, avoid feeling pressured to make a decision too quickly.

The housing market can be fast-paced, and bidding wars can occur in a competitive market. This can leave you feeling pressured into deciding on a particular property.

However, while it can feel tempting to rush to put in an offer to get the conveyancing process started, it’s important to take your time to consider all aspects of the property before you put in your offer.

It’s a sensible idea to write a list of non-negotiables that you don’t deviate from to make sure you don’t rush into making a decision.

2. Failing To Research The Area Properly

The next mistake to avoid when buying a house is failing to research the area properly.

If you don’t do your research and it turns out the area isn’t quite right for you, this could drastically impact how happy you are living in your home.

Moreover, many things in an area can impact the resale value of a property, including how close it is to nearby amenities, local services, and schools.

Research shows that ‘houses within 0.5 miles of a school sell for more in 61% of British towns and cities’, emphasising how important this factor is.

Be sure to do your due diligence and research the area carefully before buying a house.

3. Choosing The Wrong Solicitors

A large mistake to avoid when buying a property is to choose the wrong solicitor.

When buying a house, you’ll want to choose a solicitor who specialises in property and make sure that you choose one that has experience in dealing with freehold and leasehold purchases.

At Harding Evans, our conveyancing solicitors deal with all aspects of leasehold property and freehold property ownership.

We will make sure that all the necessary checks are carried out and that the right documentation is in place.

Get in touch with a member of our team today.

4. Failing To Get A Mortgage Agreement In Principle

A key mistake to avoid when buying a house is failing to get a mortgage agreement in principle.

What Is A Mortgage In Principle In The UK?

In short, a mortgage in principle, also known as an agreement in principle (AIP), is a written estimate from a bank or building society that indicates how much you can borrow.

This is based on the information you’ve submitted, including your income, spending, as well as any debts you owe.

Although you may believe that you’ll be able to borrow the maximum amount of money, it’s important to not rush into making an offer if you are yet to secure a mortgage in principle.

Failure to do this might result in you wasting time viewing properties that you can’t afford, so save yourself the disappointment.

5. Not Getting A Property Survey

Lastly, not getting a property survey is a mistake to avoid when buying a house.

If you’re a first time buyer, you might think that skipping a property survey is a good way to save money, but this is not recommended.

Is A House Survey A Legal Requirement?

In short, no. That said, although they’re not a legal requirement in the UK, property surveys play a fundamental role in identifying structural defects or highlighting any underlying issues with a particular property.

If you fail to carry out a survey, you could end up buying a property with countless structural issues, which will lead to you paying more money in the long run for repairs. 

Whether you opt for a basic report or a comprehensive survey, it’s best to be prepared and aware of any potential issues before buying a house. It should be noted that a lender’s valuation report is not a survey, which is a common misconception.

How We Can Help

Whether you’re a first time buyer or not, our team of experienced conveyancing solicitors are on hand to help to make buying property a seamless experience.

Our conveyancing solicitors recognise that buying a house is one of the biggest investments you’re likely to ever make, so will do everything they can to ensure it is as free from risk as possible.

Contact our solicitors at client.engagement@hevans.com to learn how we can assist you today.