3 Common nightmares to avoid when buying a house
Buying a new home should be exciting, but there are plenty of moving parts behind the scenes. From solicitors and mortgage lenders to removals and completion dates, even a straightforward purchase can hit the occasional bump in the road.
1. Giving Notice on Your Rental Too Soon
If you're currently renting and buying your first home, deciding when to give notice to your landlord can be tricky.
Once your purchase is progressing well, it can be tempting to hand in your notice as soon as possible. After all, nobody wants to pay rent and a mortgage at the same time.
But be careful.
Property transactions can experience delays, sometimes for reasons completely outside your control.
A problem elsewhere in the property chain, outstanding legal enquiries or an unexpected issue could change your anticipated moving date.
If you've already committed to leaving your rental property, you could find yourself without somewhere to live while you wait.
Before handing in your notice, speak to your solicitor or conveyancer and make sure you understand exactly where your purchase stands. It can also be worth keeping an open line of communication with your landlord.
A small overlap may cost a little more, but it could save you a much bigger headache if plans change.
2. Underestimating the True Cost of Moving
When you're saving to buy a house, the deposit is usually the figure that gets the most attention.
But it isn't the only cost you'll need to consider.
Depending on your circumstances, your moving budget could also need to cover:
Solicitor or conveyancing fees
Survey costs
Mortgage-related costs
Stamp Duty Land Tax, where applicable
Removal costs
Buildings insurance
Initial repairs or improvements
New furniture and appliances
Those smaller expenses can quickly add up.
Before committing to a purchase, work through your expected costs and keep some money aside for the unexpected.
The last thing you want is to collect the keys to your new home and realise you've stretched your budget so far that an unexpected repair becomes a major problem.
3. Leaving Moving Day to Chance
You've exchanged contracts, completion day has arrived and the keys are nearly yours.
What could possibly go wrong?
Quite a lot if you haven't prepared.
Removal vans can be delayed, traffic can cause problems and completion doesn't necessarily happen first thing in the morning.
Whether you're using a professional removals company or doing it yourself, give yourself plenty of time and avoid creating a schedule that depends on everything happening perfectly.
It's also worth packing a separate first-night box or bag that stays with you rather than disappearing into the back of a removal van.
Think about including:
Phone chargers
Toiletries
Medication
Kettle, mugs and a few kitchen essentials
Important documents
A change of clothes
Basic cleaning products
Toilet roll
You might not know exactly which box contains the plates by the end of moving day, but at least you'll be able to make a cup of tea.
Preparation Can Make Buying a Home Much Easier
No property purchase is completely predictable.
There are solicitors, lenders, sellers, buyers and sometimes an entire property chain involved, so occasionally things will change.
What you can control is how prepared you are.
Understanding your finances, keeping in regular contact with the professionals handling your purchase and planning ahead for moving day can make the whole experience considerably smoother.
Buying a Home in Hull & East Yorkshire?
Whether you're a first-time buyer or moving to your next home, having the right people around you can make a big difference.
At Beercocks, we'll help you understand the buying process, keep you informed and work with everyone involved to help your move progress as smoothly as possible.
If you're searching for a property in Hull, East Yorkshire or the surrounding villages, register with our team and tell us what you're looking for.
You can also sign up for our Heads Up Property Alerts to hear about selected homes before they reach the major property portals.
Your Best Move Yet
At Beercocks, moving home is about more than handing over the keys.
From helping you find the right property to keeping your purchase moving, our local teams are here to help make the process as straightforward as possible.
Ready to start searching for your next home? Get in touch with your local Beercocks branch today.
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