Buying your first home can be a daunting process given that it’s probably the biggest financial investment of your life so far. While an expert conveyancer in Kent can help guide you through the purchasing process, there are a number of things you can do to make the transition from tenant to homeowner a painless one.
Not sure where to start? With more than 20 years of experience as specialist property lawyers, we know the ins and outs of buying a home in Kent. Here are four mistakes every first home buyer should avoid making:
1. Inaccurate Budgeting
No matter the size or style of your home, it’s likely that you have a large amount of money riding on the purchase of your property. With this in mind, it’s vital that you take the time to calculate your income and expenses and work out what size mortgage you can realistically afford. This is particularly important due to the fact that the Bank of England recently raised interest rates by 0.25 percent to 0.5 percent, which may put additional financial stress on borrowers throughout England. If you’re not sure whether you’re getting a good deal on your mortgage, the team at Andrew Lee & Co Property Lawyers can help you decipher your loan contract.
2. Skipping the Property Survey
Your prospective home might look beautiful on the surface, but do you really know what’s going on beneath its exterior? While it might seem like an unnecessary cost, a professional property survey is critical for assessing the true condition of your home and can reveal any potential issues that may require expensive repairs farther down the track. Get a full survey for the ultimate peace of mind or, at the very least, a HomeBuyer Report.
3. Not Planning for the Future
Okay, so you’re probably not going to stay in your first home for the rest of your life. Nevertheless, it’s still a good idea to be mindful of your current circumstances and how they might change in the years ahead. For example, if you’re considering having kids in the near future, it makes financial sense to invest in a home large enough to accommodate a bigger family. External factors can also influence your plans. For instance, major construction works, infrastructure developments and zoning law amendments can all have a big impact on the value of your home, which may affect your decision to sign on the dotted line.
4. Misunderstandings in the transaction process
Purchasing a home can be a confusing process. From financial documents to transaction agreements and everything in between, there’s no denying that the legal nuances of the homebuying process can be tricky to navigate. Enlisting the services of a property lawyer is an excellent way to reduce the risks involved and provide you with greater clarity during this exciting phase of your life.
Contact the team at Andrew Lee & Co Property Lawyers today to find out how we can help you buy your first home in Kent.
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