Whether you’re looking to purchase your first home, or you’re a veteran property buyer, house hunting is a thrilling and stressful experience for anyone. It can be easy to let emotions get the better of you, and fall prey to the numerous pitfalls that even the most experienced can come up against. Around 20% of buyers admit to making a mistake, and here at I Am The Agent we don’t want you to do the same. As the largest online estate agent in the UK, we know a thing or two about property and what makes buyers tick. Therefore we have listed some of the most common mistakes house hunters make, why they happen and how you can avoid them:
Being unwilling to compromise
Compromise is the nectar of all good deals, and the search for a new property should be approached in the same way. Make a list of qualities you are looking for, and list them in importance. Don’t instantly dismiss any options because they don’t tick every single box. If they tick three out of five including your most important factors, ask yourself if the other two are truly deal breakers.
Falling in love
It’s important to follow your heart, but don’t be blinded. It can be easy to get carried away on a first viewing, but be objective. Having a friend or family member with you can provide a balanced outlook. You might love the property but if it isn’t in the right location for example, this will cause problems afterwards. Balance emotions with a strong dose of practicality.
Buying out of desperation
Finding the right property is a waiting game, be patient and don’t settle. It can be frustrating if it takes a little longer than expected to find the perfect property, but putting an offer in because you’re desperate is a big mistake and won’t make you happy in the long run. Keeping sight of your long-term requirement will help stop you from purchasing in haste for the wrong reasons. On average, it takes up to sixteen weeks and more than eight viewings to find The One, so take your time.
Putting in an offer too soon
Don’t make any commitments during a viewing - go away and think about it, discuss your thoughts with family or friends. Make sure the property is within your budget, and is 100% the right choice for you. If the agent can confirm there are no other current offers, sleep on it and if you still want to put an offer in the morning, you can do it with a fresh and clear outlook. If the seller knows you aren’t in a chain, this is a great bargaining tool, so make sure you tell the estate agent this before you put an offer in. Three in ten property purchases fall through, and chains can play a big part in this happening.
Waiting too long
If a property ticks the right boxes and has you feeling excited, strike while the iron is hot. Have a mortgage offer in place so you are ready to get the ball rolling. The property market is fast-moving and there is often a narrow window of opportunity. Hesitation gives someone else the chance to get in before you and snatch your dream property away.
What tips do you have for getting a property purchase right?
