The process for buying a house for the first time, or even the second time, can be daunting and comes with anticipation over a period of stress, unrest and anxiety.
Here at Your Move, we wanted to know the things that worried buyers the most and this has helped us create a house buying checklist to help settle those house buying jitters.
42% worry about not being accepted for a mortgage – so seek some professional advice
It seems that a big concern for new buyers is the dreaded question of whether or not they’ll get accepted for a mortgage. The key to this is to seek some professional advice. An experienced financial consultant will be able to take you through everything you need to better your chances of being accepted so you can buy a new house. This can be everything from how to increase your credit score to taking you through the different types of mortgage rates available.
In fact, you might find it helpful to check out our mortgage appointment checklist which guides you through all the documents and information you need when making a mortgage application.
If you are looking for a professional opinion, we can introduce you to a financial consultant from Embrace Financial Services who offer convenient, helpful and personalised advice. This means they can help you find the right mortgage and guide you through the house buying process.
25% worry about having nightmare neighbours – introduce yourself and visit the area
An additional reason why people worry about buying a house is whether they will like their new neighbourhood or if their direct neighbours will be considerate and open to them moving in. There are a few things you can do here:
- Drive by – if there is a property you’re interested in, go and drive by to see it from the outside and drive down the nearby streets to get a really good feel for the neighbourhood
- Go at different times of day – we’d also suggest visiting in the evening to assess traffic noise but also whether neighbours are considerate in this area later in the day
- Introduce yourself – Once you’ve had an offer accepted, why not go and knock on your neighbour’s door and say hello? This will definitely calm your nerves if you have built up a good rapport with the neighbours and know they are friendly before you move in
If you need any more guidance about picking the right house, then have a look at our house viewing tips.
17% worry about not being able to afford a house in the right area – questions to ask yourself
Everyone has an idea of where they would like to buy a property and sometimes that comes with a nasty stretch to the purse strings. However, there are three things you can check to try and make you feel you less anxious about this:
- Are you willing to compromise?
Sometimes once you properly explore the different areas available, you might find that you are willing to compromise in your new house’s location. Why not explore local areas close by that might have slightly lower house prices? You might find you are pleasantly surprised in their amenities and you could see yourself living there.
- Are you willing to wait?
If you are set on where you want to buy a house, then you need to ask yourself if you are prepared to wait a little longer until you buy in order to save more for your deposit. Alternatively, have you thought about a Help to Buy scheme? This may help you in your saving efforts and you can use our budget planner to calculate how far or close you are to your goal.
- Are you willing to take on a project?
Another way that you could suppress concerns about your new house’s location is by asking the renovation question. Often houses that are in need of a little work come with a lower price tag and you should check whether you have the money or would be willing to renovate a house in your desired area. This could be a win-win because you can make the house your own and increase the property’s value!
So there you have it, our checklist for buying a house. If you’re looking for more house buying advice, our first-time buyer guide goes through everything from the costs involved to how to make an offer.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Embrace Financial Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
All stats from Your Move research, February 2019. Facebook poll question ‘What worries you the most about buying your first house?’