4 Mistakes to Avoid When Buying a House

4 Mistakes to Avoid When Buying a House

Buying a house can be very exciting but also a little daunting. At Beaconsfield Estate Agency, we have highlighted four mistakes to avoid when buying a house. We hope you find this article helpful.

1.     Not Getting an Agreement in Principle
One of the biggest mistakes people make when buying a house, is submitting an offer without getting a mortgage agreement in principle. An agreement in principle (AIP) is a document from your mortgage provider which indicates how much you can borrow before you begin your mortgage application. The AIP will show you the maximum amount you can borrow from your bank or building society and this can also assure sellers and estate agents that you are in a good buying position and can afford the property you are interested in.

2.     Overextending your budget
When searching for your dream home, it is important to choose a property that is not out of your price range. Overextending your budget on a home than you cannot afford can lead to risks in the future, such as increased interest rates or costly renovations. In addition to the purchase price, there may also be additional fees you will need to budget for such as paying stamp duty, legal fees, conveyancing fees, surveys and even moving costs before you can move into your new property.

3.     Choosing the Wrong Mortgage
Securing the right type of mortgage is very important when buying a new house. With so many different types of mortgages available, it can be difficult to choose the right one for you, particularly if you are buying a home for the first time. At Beaconsfield Estate Agency, we advise taking your time to find the right mortgage for you. A good starting place is to visit trusted comparison websites which can offer helpful advice regarding loans and providers.

4.     Not Researching the Location
You have found your dream home, but have you researched the location? Researching the location should be one of the first things you do when buying a new home. Although it sounds obvious, you maybe surprised how many homebuyers fail to properly research an area’s amenities to their later cost or great inconvenience. Once you have researched the area, consider visiting it at various times of the day to help you get a better understanding of the region where your new property is located. Try and familiarise yourself to the local amenities that are available, as this will hopefully help you decide if the area is suitable for you.

Lastly…
We hope you found this article helpful. As Beaconsfield’s premier estate specialists, we have first-hand knowledge of the region’s most coveted homes and estates. Our experienced team are on hand to help you every step of the way in securing your dream home. To view any of the properties on our website or for information on all our services, contact us directly at:

Beaconsfield Estate Agents:
01494 68 11 68 or at hello@beaconsfield.co.uk

Beaconsfield Country Estate Agents:
01753 888 222
or at hello@beaconsfieldcountry.co.uk

Or visit our Contact Us page for more ways to contact us.

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