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Four things no one tells you about buying a house

Four things no one tells you about buying a house
Mark Langshaw

Author: Mark Langshaw - Content Manager

Updated: May 27, 2022

1. Plan to own it for a few years

Buying a home probably the single, biggest financial purchase you will ever make and it’s not to be taken lightly.

If you’re thinking of purchasing a home it’s important to consider your mid to long term plan. Don’t feel rushed into getting on the ladder as selling up after a couple years may be costly when you add up all the added outlays that come with property purchases from stamp duty to solicitor’s fees.

Take your time, and make sure you’re doing what’s right for you – not what people are telling you is right for you.

2. Buy what you need, no more.

Ogling over houses on Right Move that are way over budget is something we’re all guilty of, and whilst it’s fun it can sometimes spiral. Stay realistic about what you’re buying and how it fits with your circumstances.

Buying too much house means you’ll be spending more money on maintenance, energy, and taxes than you need to be, and you may end up resenting the financial result of your decisions once the novelty of some extra-unused space has worn off.

3. Don’t be afraid to negotiate with the seller

Make sure you know how the negotiation process works before you enter into a dialogue with the seller or agent.

The nature of property buying dictates that both sides want the best possible deal, but if you’d rather live in a cardboard box than haggle your way down to the lowest price then perhaps you’re not ready to buy yet.

4. You can walk away

You may have put down a hefty deposit and, in some cases, chosen your cabinet colours, carpets and kitchen faucets, but little extras are designed to provoke and emotional attachment between you and the property to prevent you pulling out.

The home-buying process can be lengthy and if you’re facing unacceptable delays, difficulties or if the survey has come back with some issues you’re not happy with – you can walk away. It’s as simple as that.

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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