Buying one’s first home is a major life milestone — but it comes with its challenges.
Nearly 40% Brits say that the homebuying process is difficult, according to Zoopla’s onsite research.
The length of time the process takes was voted the toughest aspect of buying a home (21.47%) followed by trusting that others were telling the truth (14.72%) and keeping on top of communication from different parties (14.42%).
Even small mistakes can lead to unnecessary delays, unexpected bills and complex processes that can be very daunting to sort for first-time buyers..
Here are ten mistakes first-time buyers make that you can learn from:
1. Not using a conveyancing specialist
Not hiring a conveyancing specialist can be a costly mistake. They ensure your property transaction is legally compliant and error-free, catching issues like missing paperwork or regulatory breaches that could delay or derail the deal.
When it comes to buying or selling your home, securing the right conveyancing solicitor is crucial. Whether you’re looking for the most competitive solicitor’s fees for buying and selling a house or searching for top-rated UK conveyancing solicitors, Zoopla has you covered.
2. Checking your credit score
Having a bad credit score can hamper your chances of buying your first home. Mortgage lenders look at credit issues you or your partner have faced – this may be late payment fines, debt collection notices or court summons.
3. Failing to conduct property surveys
Not conducting proper property surveys can lead to huge unwanted bills for first-time buyers. The issues that go undetected can range from damp, damaged roofs, subsidence, electrical issues and structural defects.
4. Maintenance costs
First-time buyers often underestimate the cost of maintaining their homes, which can typically amount to 1–2% of the property’s value annually. Unforeseen expenses, such as replacing a washing machine, fixing a boiler, or addressing minor repairs, can quickly add up. If these costs aren’t accounted for when budgeting, they can put significant strain on a first-time buyer’s finances.
5. Not comparing mortgage offers
First-time buyers should speak to multiple lenders and shop around for a mortgage. This helps in making an informed decision about the debt you’d like to take on and also helps with negotiating a good price for your new property.
6. Ground rent and leasehold property
In recent years, concerns have been raised about ground rent provisions, which can sometimes lead to unexpected costs or make reselling a property more challenging. Conveyancing experts can help you understand these terms, explore your options, and ensure you’re making an informed decision.
7. Property priorities
You might fall in love with a property but it’s very important to check whether it fits your family’s needs. Does it have an extra bathroom or does your potential new home get a lot of noise from nearby hospitals and fire stations? Not having a clear idea of what you like risks you not liking your property once you start living there.
8. Checking energy certificates
First-time buyers should check the energy certificate for their property before sealing the deal. This is to ensure you’re not stuck with a home that breaks energy compliance rules or leaves you with huge utility payments. A property that is energy inefficient also affects the resale value of your property.
9. Neighbourhood watch
You can have the most perfect house but if it’s in a neighborhood that doesn’t suit your needs it can have a massive impact on your life. Make sure you read and research what your surroundings will be like and what impact it can have on your day-to-day life.
10. Transferring between buyers and sellers
One may think Google can answer all your questions on complicated homebuying matters but in reality, taking matters into your own hands could prove to be an expensive mistake. One example is transferring money between buyers and sellers which should be left to experts such as conveyancers to ensure both parties are safeguarded against any delay or unethical practice.
About the research:
This research was conducted via an onsite survey on the Zoopla website, targeting visitors. A total of 771 responses were collected, of which 162 were fully completed. The survey consisted of 21 questions.
If you are looking to take your first step on the housing ladder then Zoopla can help.
