Don't buy a house in haste
Published: 21/06/2013
They say a man’s home is his castle. However this castle can quickly turn to ruins by buying a house in haste, something 20 per cent of homeowners has done, according to a latest survey by Which? Money.
Whilst undoubtedly one of the most stressful things we do in our lifetime, buying a house is also one of the most exciting. However in its survey of over 1000 homeowners, the consumer group found as many as one in five who, having got caught up in the romanticism of securing their dream house, have ended up making vital errors in the house buying process.
The common mistakes of the hasty house buyer
- Overpaying
Whilst happening less in the current market, overpaying for a property is one of the most common mistakes made by the hasty homebuyer. The fear of losing your dream house is a very powerful driver, particularly if the estate agent is eager to finalise a sale. However many homeowners surveyed by Which? Money have regretted being pressurised into paying more than they wanted. - Securing a survey
The Royal Institution of Chartered Surveyors (Rics) believes many homebuyers are shunning surveys on their property as a way to cut the cost of buying property, a decision many live to regret. In fact, according to market research agency, ComRes, one in every five buyers who did not commission a survey later discovered serious faults with their property including poor quality business work and even subsidence. - The wrong mortgage
In order to secure the deal many homebuyers rushed their mortgage decision. Given the significant financial commitment of buying a house, it is essential you pick the right mortgage and understand all the associated risks. In this instance a mortgage broker can prove invaluable by offering independent, whole of market advice as well as answering any questions you may have. Check out our broker benefits infographics. - Do your research
When buying a house you should carry out thorough research of both the property and the area it is in from flood risks to planning permission, local amenities to crime levels and neighbours.
Content correct at time of publication