Buying your first home is typically one of the biggest purchases you will make in your life. Hence, you’ll need to be sure that you are spending your hard-earned dollars wisely.
The problem is that buying a home can be such an exciting time that it’s easy to let your heart rule your head. If you find a place you love, you may be so keen to get the deal over the line that you could make costly mistakes or take shortcuts to avoid the chance of someone else moving in and snapping up the property before you. These are two important ways that you can reduce the chance of making costly, common mistakes during the purchasing process.
1. Get a thorough survey
Do not skimp on your survey. While the savings you’d receive from a partial survey may seem significant, taking a half-handed approach could cost you far more in the long run. Ask around for recommendations for a reputable surveyor and make sure that they cover everything.
2. Use contingency clauses
Real estate agents or the seller themselves may tell you there are others queuing up to buy the property. That does not mean you should take a risk and sign on the line there and then. You should only sign a closing contract once you are sure you have all the appropriate contingency clauses integrated into the agreement.There could be issues with the building or land, such as those a surveyor will turn up. Having such clauses in place means that you can try to negotiate the price down or back out of the purchase altogether if something goes wrong.
It is for these reasons and more that you should strongly consider seeking legal help to create the contracts you’ll need and to avoid the pitfalls that lie in wait when buying your first property.
