Buying your first home is a huge milestone and is a very exciting time in your life. But it is important to remember that there are a lot of steps involved, and it’s easy to make small mistakes that can cost you time, money and unnecessary stress.
At Simply Move Home, we connect you with trusted conveyancers who can guide you through the legal process and help you avoid common pitfalls. Here are 10 mistakes first-time buyers should steer clear of.
- Not Getting Your Finances Ready
Before you begin scrolling property listings, make sure your finances are in order. Lenders want to see that you’re a reliable borrower so you should check your credit score, save a healthy deposit (ideally 10-20% to access better rates), and get a Mortgage in Principle to show sellers and agents you’re a serious buyer.
2. Forgetting to Budget for All the Costs
It’s important to remember it’s not just the purchase price. You also need to budget for:
- Surveys
- Moving costs
- Stamp Duty (if applicable)
- Mortgage arrangement fees
- Conveyancing fees
- New furniture
3. Choosing the First Conveyancer You Find
Your conveyancer handles the legal transfer of the property, so choosing the wrong one can lead to delays. At Simply Move Home, we provide free quotes from regulated, highly rated conveyancers so you can compare before deciding.
4. Skipping the Survey
A property survey can uncover hidden issues like damp, roof damage, or structural movement. Although by skipping you may feel like you’re saving money, it could cost you thousands later. Even if the property looks well-maintained, it is still crucial to arrange a homebuyer’s survey.
5. Not Understanding Leasehold vs Freehold
Buying a leasehold property means you don’t own the land it’s built on, and there may be service charges or ground rent to pay. Always understand the implications before committing. You can read more about this here.
6. Making an Unrealistic Offer
Offering too low can lose you the property, while overbidding can leave you stretched financially. It is a good idea to research similar properties and ask your estate agent for guidance.
7. Ignoring the Chain
If your purchase is linked to other transactions, delays anywhere in the chain can affect your move. A stalled survey, slow paperwork or a withdrawn offer somewhere can hold things up. A good conveyancer will:
- Monitor progress across the chain
- Keep you updated
- Work with estate agents to keep things moving
8. Being Slow with Paperwork
Conveyancing involves a lot of forms, ID checks, and proof-of-funds requests. Delays often happen when buyers take too long to respond. To stay on track you should keep your documents ready, check emails and messages daily, and return any forms or evidence early.
9. Forgetting About Insurance
Your lender will require buildings insurance from the date you exchange contracts, not the date you move in. Arrange cover in advance to avoid last-minute panic – and consider contents insurance to protect your belongings from day one.
10. Letting Stress Take Over
It’s natural to feel overwhelmed, especially if the process takes longer than expected. With the right conveyancer, estate agent and mortgage advisor, you will get there! Stay organised, ask questions, and focus on the end goal: getting the keys to your first home!
In Summary
Avoiding these mistakes will make all the difference in ensuring your first home-buying journey is smoother, faster and far less stressful. With Simply Move Home, you’ll have a trusted, regulated professional guiding you every step of the way – from offer to keys in hand. Are you ready to get started? Get your free conveyancing quote from us today and take the first confident step toward owning your dream home. The sooner you start, the sooner you’ll be moving in.
Get your quotes here!
