If you’re looking to buy a home for the first time, then you’ll want to be sure that you’re avoiding the common pitfalls that can easily ensnare the unprepared shopper.If you’re an old hand at property trading, then you’ll have gotten familiar with many of these problems; if you’re just starting out, however, it’s worth making yourself prepared for them.While there’s no substitute for real experience, being aware of where you might go wrong will help to give you the best chance of leaping over these pitfalls rather than falling head-first into them.
Let’s take a look at some of the tips that first-time homebuyers should make themselves aware of.
Look a little closer
You’ll get a good idea of what your home will be like by simply visiting the show-home.That is, after all, what it’s there for.But this building is only an indication of what you’re going to get, so don’t take it as gospel that everything in your new home will be exactly as it is in the show one.One thing that’s certainly worth considering is that a show home will look more spacious.It might be that it’s exactly the same as the home you move into in every way – but the show home will have only a smattering of furniture, which will create the illusion that it’s much bigger than the home you eventually move into.
If you’re buying from a plan, then it’s worth considering that the price of the property is what the market is willing to pay for it – not what the developer decides that it is.The more people interested in buying the property, and the state of the property market as a whole, will impact the price.The earlier you arrive to the scene, generally speaking, the better your chances of securing a good deal will be.
Look at the other units
When you buy a home, you’re not only paying for the building itself – you’re paying to live amongst its surroundings.If you’re the only permanent homeowner on the block, then you’ll need to put up with neighbours who are constantly coming and going as the rental market fluctuates.
Check for warrantees
If the builder has signed up to a warrantee scheme, then you’ll have an additional layer of protection against problems to fall back on.While such schemes aren’t perfect, they will offer protection should the developer go bust after you’ve paid your deposit.When you consider what a sizeable chunk of the property’s value this can represent, the sense of such protection is obvious.
Research the Consumer Code
The Consumer Code for Home Builders is a piece of assurance which all warrantee-equipped builders will need to adhere to.It obliges developers to provide you with more concrete information about the progress of your build.If your build should encounter an unreasonably long delay, then you’ll be entitled to a refund on your investment, and cover for your fees.This delay is typically around six months for a house, and a year for a flat – and the countdown commences from the day you sign your contract.
Keep a steady income before you complete
When you’ve gotten your mortgage offer, it’ll typically be good for around three to six months.If you encounter a delay with your move, then it might be that the mortgage offer expires, and you’ll need to apply for a new one.But if your circumstances have changed in the meantime, then you might find it difficult to secure the same offer.
For this reason, it’s worth avoiding financial risk during this period.Try to save as much money as possible, and don’t endanger your income stream.If you’ve always wanted to quit your job and pursue your passion for your hobby as a career, then that’s great – but now isn’t the time to do it.Even switching jobs in the same field can have an impact on your application – and so to minimise upheaval, it’s worth keeping the ship steady until you’ve gotten through the turbulent waters.
New Homes Review
In order to improve the general state of new builds, it’s worth taking the time after you’ve moved in to take the New Home Builder Reviews survey.Information from this survey is fed back into the property market and all of the bodies it comprises, and will help to make it better and (with any luck) less stressful in the future.After everything else is done with, be sure not to forget house builder reviews.