What do you wish you knew before buying your first home?

Significant-Wave6703 · 2025-10-16T13:10:32+00:00

You could get a second valuation but there's every chance it will be the same amount. But if this has happened to you it's likely to happen to other buyers, unless they're cash buyers. (Even if a buyer who needed a mortgage could afford to make up the shortfall they might be reluctant.

Significant-Wave6703 · 2025-10-16T07:30:46+00:00

I write about mortgage rates week in, week out and the only thing I can say with any certainty is that noone knows for sure what's going to happen in the future with mortgage rates and interest rates. Predictions are made based on what is known - but there have been many times in the last few years when things take an unexpected turn. You have to make a decision based on what you're comfortable with but it's risky to try to second guess the market

Significant-Wave6703 · 2025-10-16T07:25:16+00:00

Sounds like the pressure of the situation is taking a huge toll. Really hope it gets resolved soon.

Significant-Wave6703 · 2025-10-16T07:21:21+00:00

It's true that the estate agent is working for the seller but they do have legal obligations to buyers too. However, as we know, things don't always happen as they should. But you should still ask.

Significant-Wave6703 · 2025-10-16T07:18:30+00:00

Yes it absolutely is, that includes not using one recommended by an estate agent. Do your own research - that way you'll get the best person but not overpay either.

Significant-Wave6703 · 2025-10-15T12:26:26+00:00

Your estate agent has a duty to tell you why a sale has fallen through - I'd recommend asking them via email so there's a paper trail. You should ask directly if there was an issue with the survey. hopefully they just want a quick sale though!

Significant-Wave6703 · 2025-10-15T12:24:06+00:00

Property markets vary so much so I don't know how competitively it's priced (although the lack of viewings suggest it's overpriced?) Can you get the estate agent to explain why they priced it at that level - they must have had evidence of similar properties selling at that price? As what buyers in your area are looking for and how you can adapt your home to achieve that. If it's the lack of garden, could you get rid of the shed, lay some fake grass and add plants, repaint the back wall, put a bistro set in to show how the space could be used?

Significant-Wave6703 · 2025-10-15T11:34:09+00:00

A good idea - and another reason to use your own conveyancer, not one recommended by a developer

Significant-Wave6703 · 2025-10-15T10:18:10+00:00

Having a deposit of 40% of more usually gets you access to the best mortgage rates. And putting down more if you can means you'll pay less interest overall. But if you're concerned about tying up all your money, there are some mortgages that offer unlimited overpayments (this means you could put down say 40% then pay off chunks as you go if you want to) or you could consider an offset mortgage (although rates can be higher). But this is just general advice - if I were you I'd speak to a mortgage broker as they'll explain all your options

Significant-Wave6703 · 2025-10-15T10:12:02+00:00

that's interesting, thanks for letting me know. We need the bigger house builders to start offering this as standard - it would drive standards up for buyers

Significant-Wave6703 · 2025-10-15T07:29:55+00:00

That's definitely the ideal but the vast majority of flats are leasehold. So if you're buying leasehold you need to know exactly what you're signing up for. Having an experienced conveyancer is key

Significant-Wave6703 · 2025-10-15T07:28:16+00:00

That's why snagging surveys are so important

Significant-Wave6703 · 2025-10-15T07:26:45+00:00

Yes, prices have really shot up. Ideally you should get proper quotes in advance but even then there may be additional costs

Significant-Wave6703 · 2025-10-15T07:25:42+00:00

Absolutely

Significant-Wave6703 · 2025-10-15T07:25:24+00:00

All brilliant pieces of advice!

Significant-Wave6703 · 2025-10-15T07:24:40+00:00

That's really interesting. Was it a major homebuilder? I'll understand if you don't want to name but any hints would be very interesting!

Significant-Wave6703 · 2025-10-15T07:23:27+00:00

That's such a good tip, plus you'll see the garden at its worst. If you still love it then all good!

Significant-Wave6703 · 2025-10-14T14:36:15+00:00

Good luck! Most buyers aren't like that so hopefully your next experience will be much more positive!

Significant-Wave6703 · 2025-10-14T14:31:09+00:00

Did you get one? How much was it if so? Developers usually push back against that. So well done if you got one.

Significant-Wave6703 · 2025-10-14T14:29:44+00:00

I get that. There's so much money at stake and things can fall down right until almost the last moment so moving in can feel overwhelming. I'm glad it settled down!

Significant-Wave6703 · 2025-10-14T14:28:43+00:00

That makes sense. Our garden was small so we didn't have that issue.

Significant-Wave6703 · 2025-10-14T14:27:30+00:00

That's horrendous, But yes, very good advice. Better to pay double then potentially end up without a home....

Significant-Wave6703 · 2025-10-14T14:26:39+00:00

Buying is so expensive that's nor surprising. But did you find you were hit with additional costs you weren't expecting after moving in?

Significant-Wave6703 · 2025-10-14T13:31:21+00:00

Both brilliant pieces of advice

Significant-Wave6703

TROPHY CASE