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If you’re on the lookout for a new home, you’re probably incredibly excited. There’s nothing like the feeling of holding the keys to a home you own. Sadly, being a homeowner isn’t always a bed of roses. There are lots of things that can go wrong. If you’re searching for your first home, or you’re moving up the ladder, here are some pitfalls to avoid.
Paying over the odds
Buying a house is often unlike other purchases you make. When you go shopping, you go into a store, and the products you want are marked with a set price. With house hunting, there’s often room for negotiation. No prospective homeowner wants to pay over the odds. Always make sure you have a budget in mind when you’re on the lookout for your new home. It’s also essential to do your homework. Make sure the asking price is fair, and it reflects the market accurately. Look at what other homes in the local area have sold for, and book several viewings so that you can see what you can get for your money. Buying a house isn’t just about getting that feeling when you walk through the door. It also represents an investment.
Costly building issues
There are certain warning signs that should set alarm bells ringing when you’re looking around properties. These include damp spots, missing roof tiles, rotting wood, and broken guttering. It’s also wise to check out any unusual smells or signs of structural damage before you make an offer. These issues may seem minor on the surface, but they can be much more extensive than they look. You may end up paying a significant sum of money in repairs if you do decide to buy. It’s always advisable to ask questions related to building work, wiring, and heating systems. If you buy a new house or you buy from a home builder, ask about guarantees. Sometimes, the cost of work will be covered within a set time period after you move in.
Noisy neighbors can quickly turn a dream move into a nightmare. To try and reduce the possibility of disturbed nights and noise during the day, visit the property at different times. Arrange viewings in the morning, afternoon, and evening. Talk to other people in the neighborhood, and listen out for creaking floors, dogs barking or loud music.
Flooding can cause major damage to your home and possessions. Buying on or near a floodplain will increase your insurance costs. You may even find it difficult to find a provider willing to insure your home, which will also make getting a mortgage tricky.
If you’re hoping to buy a new home, there are lots of pitfalls out there. Nobody wants to spend a lot of money to discover that there are all kinds of problems with their new home. Do your research beforehand, and look out for red flag signs. Take note of the findings of structural surveys, and get to the know the area well before you make a decision.