Embarking on the journey of buying your first Thanet home can be daunting, but it doesn't have to be filled with costly mistakes. With proper planning and a few precautions, you can avoid the common pitfalls that many first-time buyers encounter.
Here are six mistakes to watch out for and how to steer clear of them:
Neglecting to obtain an agreement in principle
Before you dive headfirst into Thanet house hunting, take a moment to assess your mortgage options. Obtain an ‘agreement in principle’ from a mortgage provider, also known as a 'decision-in-principle' Or 'mortgage promise'. This certificate showcases the amount you're likely to borrow, offering a realistic idea of your budget. Not securing one could lead to disappointment if you find a dream property but can't secure the necessary loan. If you need any help and were wondering how to navigate the mortgage process effectively? Our team of experts can guide you and help secure an agreement in principle.
Underestimating the time it takes to get a mortgage
Be aware that there isn't a fixed timeframe for mortgage approval. While most applications are processed within 18 to 40 days, delays can occur. Start your mortgage application as early as possible to avoid rushing into an offer on a home.
Choosing the wrong Thanet solicitor
The difference between a good and bad solicitor could be the difference between you moving into your home in 14 weeks instead of 23 weeks. Ask us and we will tell you who is the best Thanet solicitors.
Failing to research the area of Thanet you are looking in
Before you start viewing, define your priorities for the area you wish to live in. Consider factors such as transportation links, green spaces, primary schools, and amenities. Understanding your needs will streamline the selection process. If possible, spend time in unfamiliar areas you're interested in to get a sense of the atmosphere and assess transportation links.
Purchasing a 'non-standard' property in Thanet
Certain property types may complicate obtaining a mortgage. Lenders may hesitate to approve loans for flats above shops, areas of high-density renting, or commercial premises due to potential issues like noise, smells, and security concerns beyond the owners' control. New-build homes may also have stricter lending criteria. If you're considering a non-standard property, gather as much information as possible and seek expert mortgage advice to strengthen your application. If you are unsure about the eligibility of a specific Thanet property? Our team can provide valuable insights and help you navigate the complexities of mortgage approval
Not asking enough questions during property viewings
While it's tempting to make an offer on the first seemingly perfect Thanet home, rushing in blindly can result in costly renovations and long-term expenses. Prepare a list of questions to ask during viewings. Test windows, doors, lights, and water pressure, and don't be afraid to look beyond furniture for any hidden defects. Inquire about the sellers, their tenure at the property, and their motivation for moving. Knowing how long a property has been on the market can also be advantageous, as sellers might be more open to accepting lower offers for a quick sale. If you need guidance on what questions to ask during property viewings? Our experienced estate agents are here to help and provide the necessary support.
Remember, buying your first Thanet home doesn't have to be overwhelming.
Avoid these common mistakes and reach out to us if you have any concerns.
We're here to assist you throughout the process, ensuring a smooth and successful journey into homeownership.
Reach out to us today at one of our three branches spanning the entirety of Thanet. At Broadstairs (01843 600911), Margate (01843 231833), and Ramsgate (01843 851322), our dedicated experts are ready to provide advice tailored to your specific needs.