I am not sure if you are aware but we are in the process of buying our dream property, so we have everything crossed that it will run smoothly. To tie in with what is happening I posted up last week about 5 tips for finding your dream home, and these were things that helped us along the way. This week as part of a collaboration I will be telling you about the common mistakes that people make when buying a property, especially with making such a large investment.
Letting your emotions take over – A big mistake when buying a property is falling head over heels in love with it, so much so that you end up compromising on your whole entire list that you so carefully planned out. Getting carried away is definitely an easy thing to do so before you go searching for a house, make a list of your requirements and if a property does not live up to it, or can’t be changed to get it, no matter how beautiful it is you need to step away. If you did end up purchasing that house in question, it will end up frustrating you once you move in that you don’t have the things that you were intending to have which was the reason you were moving.
Underestimating your DIY limits – As soon as you have children, trying to do any sort of DIY is incredibly difficult. The number of times we would get halfway through something and have to stop because the girls are fighting, wanting cuddles, have done something naughty, which leaves one of us to do the work and therefore takes twice as long. You may find a house that has lots of potential, but you would need to be honest with yourself. Would you have the time, energy and money to carry out the work yourself, or would you have the money to get someone in to do it?
Failing to consider the future – One of the main mistakes that people make when looking for a property for sale for their family is failing to think about the future. Are you wanting more children? Maybe your children are older and would be leaving the nest soon? These are factors that would need to be taken into account. You don’t want to buy a property now only to find out you have outgrown it within a couple of years. Not only that but you would need to consider future plans for development in the area. How would such changes impact on the property, your happiness, your future plans? What about the local school, will that still be open many years down the line or has there been talks of closing it or relocating it? Maybe a new road being built will bring your house value down? They are all factors that you need to consider so you can make a decision on the right property for you based on the information you have found/researched/been told.
Not doing enough research about the local area – When it comes to buying a house and you have children to consider, you really need to conduct a significant amount of research into the local area. The most obvious is what is the crime rate. Is the area safe? If there are crimes, what sort are they? What are the types of people that live in that area? Is it mainly older people or young couples? If so, will your children get lonely by the lack of other kids? If you are a family it might be better to look for a property in an area where there are more families. Of course, you will also want to research the local schools, as well as the park and play facilities. Do as much research as you can until you feel like you have a thorough and complete understanding of what life is going to be like there. We were lucky in the sense that I grew up in the area where we have decided to settle and know a lot of information, but I do still check the crime rate every so often.
Not putting together a detailed budget – Another error that a lot of people make when buying a home is failing to put together a detailed and well thought-out budget. I have done this before when we first started looking for a property over 5 years ago, but soon learned quickly that we needed to sit down and go through everything. You need to know exactly what money you have available to spend on a property, but whatever you do, don’t max it out on the property itself, as there are many other costs you need to consider. Of course, there are the expenses that come with the property transaction, such as legal fees, and the cost of moving. However, you also need to factor in the expenses that you may have once you move into a new place. Maybe you need to do some DIY or you are lacking furniture that needs purchasing? Do you need to pay for a parking permit or how much council tax would you pay on this property? A detailed budget is a must!
Skipping the home inspection – This is a HUGE mistake to skip a home inspection, whether you have children or not. The issues that can arise from not knowing about the property that you have just bought can be endless and also potentially dangerous, and you don’t what your children to be living somewhere that is a hazard. You might think you can spot a property that has issues when you view it, but it is not that straightforward. A lot of property problems are hidden. The house we are buying has problems with the roof and also has a damp problem, which having viewed it in its pristine condition you would not of known, plus who goes up on a roof on viewing a property, not me. That is why getting a professional in to inspect the property is a necessity so that you can understand the true state of the house. Any problems will be picked up so you can either lower your offer on it, ask the owner to rectify the problems or decide to not go through with it. It might cost you money now, but it will save you a lot of money in the future and will prevent you from purchasing a property that could end up having major issues.
So there we have it. Hopefully, you have a better understanding regarding the most common mistakes that people make when looking to buy a property. There are many properties on the market at the moment that there is no need to rush your decision, no matter how excited you may be. Following the advice can give you the best chance of finding the right home for you.
*Disclosure: This post is collaborated and may contain affiliate links*