Property Buying Mistakes To Avoid

Property buying mistakes to avoid

It’s likely to be one of your biggest-ever financial outlays, if not the biggest. Equally, it’s easy to get carried away when buying a new home, so it’s important to be aware of the potential pitfalls and mistakes that can be made in all the excitement, and to think everything through with a cool head.

Here, we highlight some of the common mistakes to avoid if you’re buying a new place:

1.)    Not doing the sums properly

It may sound obvious, but work out the exact funds you have to spend on a property. Include Stamp Duty, solicitors’ fees, removals costs and so on in your calculations and, if anything, overestimate these charges. Equally, if you have a mortgage in principle already in place, sellers are more likely to take you seriously.

(That said, don’t be afraid to negotiate on price or indeed any other terms of the sale.)

Confine your search strictly to what you can afford, and to places within the geographical area you want to move to, so that you stay disciplined and focused.

2.)    Not understanding the current climate 

Understand how the property market is performing in the area where you want to purchase a property. Having this information at your fingertips will allow you to make better-informed decisions when the time comes.

3.)    Not getting to know the area

This mistake is more common than you may have thought. Take the time to thoroughly research the area where you’ll be living. Spend some time in the neighbourhood, especially if you don’t know it that well yet. Visit on different days and at varied times so you can see, for example, what the traffic is like at school-run time.

4.)    Thinking you have to do everything online 

You really don’t! While the web undoubtedly saves time, you don’t have to confine the search for your new home to the same two or three online property portals everyone uses. Independent estate agents, for example, with their in-depth local knowledge, could put you in touch with opportunities you may otherwise have missed. So getting to know one could help you find your dream home at the best price.

5.)    Focusing on the superficial during a viewing

It can be easy to get carried away when visiting a potential new home for the first time. But don’t become overwhelmed by, say, a view or a particular fireplace. You also need a checklist of the less exciting aspects, from mould and damp to guttering and window frames, to electrics and whether all the loos flush properly. Try to stay objective and consider a place’s pros and cons carefully.

A place may look like a dream home initially, but the reality is that most places are going to need a little work to get them as you want them. Be honest with yourself about how much work you’re prepared to put in.

6.)    Making assumptions

For example, just because somewhere has been on the market for a number of weeks without being snapped up, that doesn’t mean there’s anything wrong with it. It may not be anyone else’s perfect home, but it doesn’t need to be. It’s almost certainly still worth booking a viewing.

7.)    Skipping the professional survey

This is never a great idea, since a survey can reveal hidden issues which could be expensive to put right later.

8.)    Ignoring the leasehold details

If you’re buying a leasehold property, understand the terms of the lease, from ground rent to service charges. Equally, be clear on how long the lease lasts.

Avoiding mistakes with McGlashans Property Services

At McGlashans, we’re an independent, family-owned company with more than three decades’ experience in the prime central London property market, including sales, lettings and more. Our service is tailored to the needs of each client, and based on our core values of honest, integrity and trust.

Book a valuation of your property today, browse our places for sale or get in touch, and we’ll take it from there.