Common pitfalls of buying a home

 

According to recent research from Move with Us, home of the largest network of independent estate agents in the UK, the most common pitfall when buying a home for aspiring homeowners is wanting more from a property than their budget will allow. Forty per cent of agents surveyed noted this as the most common pitfall. Buyers not taking the time to get financially qualified before starting to view properties also came at the top of the list with 28%.
Sixteen per cent of agents suggest the most common trap buyers fall into is being unwilling to compromise on the features they are looking for in their home. 
The same research found that some buyers are prepared to go the extra mile when trying to secure their dream home. Actions include flying back from holiday, selling their car to increase the deposit and writing a personal letter to the sellers promising to look after and love the house when it’s theirs.
Five most common pitfalls of buying a home:
1. Wanting more from a property than their budget will allow (40%)
2. Not getting financially qualified (28%)
3. Being uncompromising on a home’s features (15%)
4. Searching for properties out of their price range (14%)
5. Not being legally prepared early on (2%)
 Robin King, Director of Move with Us, said: “It’s easy to get carried away dreaming when buying a new home. Buyers, however, need to be realistic about what they can afford. Before the viewings begin its vital aspiring homeowners speak to a financial adviser to calculate exactly what they can afford, making allowances for moving costs and any Stamp Duty. This saves any surprises further down the line.”
“Even with the biggest budget in the world, it can be difficult to find the perfect home in the ideal location so some compromises may have to be made. It’s a good idea to have a clear differentiation between the ‘must haves’ and the ‘maybes’.”

 

According to recent research from Move with Us, home of the largest network of independent estate agents in the UK, the most common pitfall when buying a home for aspiring homeowners is wanting more from a property than their budget will allow. Forty per cent of agents surveyed noted this as the most common pitfall. Buyers not taking the time to get financially qualified before starting to view properties also came at the top of the list with 28%.

Sixteen per cent of agents suggest the most common trap buyers fall into is being unwilling to compromise on the features they are looking for in their home.

The same research found that some buyers are prepared to go the extra mile when trying to secure their dream home. Actions include flying back from holiday, selling their car to increase the deposit and writing a personal letter to the sellers promising to look after and love the house when it’s theirs.

Five most common pitfalls of buying a home:

1. Wanting more from a property than their budget will allow (40%)
2. Not getting financially qualified (28%)
3. Being uncompromising on a home’s features (15%)
4. Searching for properties out of their price range (14%)
5. Not being legally prepared early on (2%)

Robin King, Director of Move with Us, said: “It’s easy to get carried away dreaming when buying a new home. Buyers, however, need to be realistic about what they can afford. Before the viewings begin its vital aspiring homeowners speak to a financial adviser to calculate exactly what they can afford, making allowances for moving costs and any Stamp Duty. This saves any surprises further down the line.”

“Even with the biggest budget in the world, it can be difficult to find the perfect home in the ideal location so some compromises may have to be made. It’s a good idea to have a clear differentiation between the ‘must haves’ and the ‘maybes’.”

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