Don't Make These First-Time Buyer Mistakes

Buying a house for the first time can be an overwhelming and exciting experience. It’s a significant investment, and many factors must be considered before making a final decision. Here are some tips and advice for first-time house buyers to make the process smoother and less stressful.

Determine your budget

Before you start looking for a house, it’s essential to determine your budget. This will help you avoid wasting time and energy on properties out of your price range. Consider your income, monthly expenses, and savings to determine how much you can afford. You can use online calculators to estimate your mortgage payment and understand what you can afford.

Get pre-approved for a mortgage

Once you have a budget in mind, getting pre-approved for a mortgage is a good idea. This will give you a better idea of how much you can borrow and help you narrow down your search to properties within your budget. Having a pre-approval letter from a lender also makes you a more attractive buyer to sellers.

Find a reliable real estate agent

Working with a real estate agent can be beneficial, especially for first-time homebuyers. A reliable real estate agent can help you find properties that meet your criteria, negotiate with sellers, and guide you through buying. Look for an agent with experience where you’re looking to buy and check their references and reviews.

Consider the location

When looking for a house, consider the location. Factors to consider include the neighbourhood, schools, commute time, and proximity to amenities such as grocery stores and parks. Consider what’s important to you and your family, and find a location that meets your needs.

Look beyond the aesthetics

While finding a house you love is essential, don’t get too caught up in the aesthetics. Consider the layout, room size, storage space, and overall functionality of the house. Look for any red flags such as water damage, mold, or structural issues that could end up costing you in the long run.

Get a home inspection

Before making an offer on a house, get a home inspection. A home inspection can uncover any potential issues with the property that you may not have noticed. If the inspection reveals significant problems, you may be able to negotiate with the seller to either fix the issues or lower the price.

Don’t rush into a decision

Buying a house is a significant investment, and it’s essential not to rush into a decision. Take the time to consider all the factors and weigh the pros and cons of each property. Don’t be afraid to leave a deal if it doesn’t feel right.

Factor in additional costs

When buying a house, it’s essential to factor in additional costs such as closing costs, property taxes, and maintenance expenses. These expenses can add up quickly, so budget for them.

Plan for the future

When buying a house, it’s essential to plan for the future. Consider your long-term goals and how the house will fit into those plans. For example, if you plan to start a family, ensure the house has enough space and is in a family-friendly neighbourhood.

Buying a house for the first time can be an overwhelming experience, but with careful planning and consideration, it can also be rewarding. Take the time to determine your budget, find a reliable real estate agent, and consider all the factors before making a final decision. Buying a house is a significant investment, so do your due diligence and enjoy the process.

00:00 First Time Buyers
00:31 Location
01:55 Priorities
02:21 Budget
02:57 Mortgage
03:23 Estate Agents
03:47 Leasehold Property
04:26 Surveys
05:26 Hidden Extras
06:18 Fixer Upper
06:38 Flipping
08:15 Ask Roger

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#mortgages #homeimprovement #firsttimehomebuyer

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[martinlouden]

My late wife and I bought our first and only home 25 years ago. Whilst viewing each house we took video footage of each one (with permission of the owners of course! ) so that we could take a proper, measured look at each house when we returned home each evening. This was unequivocally helpful. And it afforded us the chance to spot all the pro's and con's and allowed us not to be subjected to the initial excitement of any particular house! I guess that the 25 happy years we have spent here are testament to those videos!

[jamiegleave]

Roger, good video. I was 24 when I got my first place. It was a self contained flat upstairs and a former accountants commercial premises downstairs. No central heating (storage heaters), 2x electric meters etc. I had zero DIY experience other than watching my old man do stuff. The whole front face of the building got rebuilt to convert it into a single dwelling. New windows and doors throughout, central heating fitted, you name it, it got done. Took me 8 years but I learned an awful lot, and made a tidy profit along the way.

[lighthackerslimited]

Been a DOP in the TV industry for over 30 years.. Roger here needs signing up for his own show. Serious wealth of bare bones facts, GREAT manner on camera and the type of guy I'd watch time and again after wrapping the shoot with him.

[philipsinclair]

Roger. That other damp problem house you visited. A famous architect told me stone has to breathe. Maybe render should be off and lime mortar pointing put in.

[lukeshepherd]

I opted for the most expensive RICS survey which completely failed to spot a gap in the bath over the shower which rotted through an entire beam and half the floorboards in the adjacent room. My advice is to hire a builder to have a proper look and always look under the bath.

[gingerelvis]

Good advice all round here. I bought my first house 3 years ago and you aren't kidding about needing to be devoted if it's a fixer upper, it takes more time than you ever imagine. Don't fall for thinking it's just a bit of decorating, my place had barely been touched in 40 years and I don't think there's an inch I haven't gutted and worked on. That being said if you're a handy DIYer willing to learn and stick at it it's well worth doing to get the most out of your budget and make a really nice property. It's true what you say about people falling in love with a place with a nice kitchen and bathroom too, all things that can be changed.

[rob]

I've often noted that poorly maintained and unkempt houses could gain a few thousand in value by the application of a lick of paint and a good tidy-up!

[ImranKhan-drbb]

Sometime you come across videos that are just gold - like this one

[impamiizgraa]

This is a fantastic video for home movers as well! Brilliant as always, Roger. I am buying my 2nd property, but it feels like my 1st because my 1st was actually shared ownership flat -- still paying rent, leaseholder of a new build. It's a more stable form of renting. Now, I'm buying an old bricks and mortar house with a front and back garden - this feels like my 1st real purchase and these tips are fantastic!

[guycyber]

What are your thoughts on buying a first home with a Lifetime ISA (combining the deposit with a partner)?

[douglasmorris]

A fixer upper! My equation - Double your estimate and time and you just might be ok :)

[bordersw]

Bought my first house over 30 years ago, the surveyor advised me not to buy it due to loads of issues, including damp. Had a new damp course, which partially worked, decorated and carpeted it, sold it 6 years later for a decent profit, I drive past it occasionally- still the same roof, same render, mostly the same paint. Can’t help feeling the surveyor wanted it for himself.

[gordonmackenzie]

In Scotland We have something different. No house can be marketed for sale, by law, without a home buyers report. These are done by surveyors, who provide a full report, energy performance certificate and valuation. Any defects are noted and recommendations supplied. This removes some of the risk and gives some reassurances to buyers. Seller obviously foots the bill for the report. Each property for sale only needs one initial survey, rather than multiple potential buyers paying for surveys.

[madgebishop]

the stock footage in this episode was hilarious! Roger is the new Phil and Kirsty

[jimdavis]

I have found that the basic survey you have when you apply for a mortgage isn't worth the paper it's written on. I therefore recommend paying for a full structural survey before you buy any property.

[haydenhoneyfield]

Honestly I just brought my first house but if you have friends in the area ask them or any local people what the area is like and what to avoid also go to a mortgage advisor instead of a bank they can get you a better deal and don't cheap out on the survey report and also try and haggle with the price don't take the first price you get given and banks won't give you a mortgage you can't afford as they check all this before buying

[LP-krgb]

Just a tip, have a look at the depravation map it gives so much data on the area.

[MinkieWinkle]

Never buy a new build. if there was ever a truer statement, it is "they do not build them like they used to"

[petemoring]

RIDDLED!! With Common-Sense! .... We Luuuurv a bit of Common! Sense Roger .... TEN Out Of Ten 👍🤠

[gdfggggg]

Yo Rog! Love your stuff mate. Keep it up.