You’ve heard of red flags when dating, but did you know there are certain red flags you should look out for when looking to purchase a property? If you find yourself noticing any of these, you may want to think carefully about your next step…
Red Flag #1: Being Pressured By An Estate Agent To Use Their In-house Team
Getting recommendations from estate agents so you can make your own decision can be helpful. But what isn’t helpful, nor acceptable, is when they try to sway you into using their services by saying things such as:
“If you use our [insert service], we will put your offer forward”
“If you use our [insert service], we will take the property off the market for you”.
Whether you’re looking for a broker or a solicitor, always remember that you have a choice on who you work with and it doesn’t have to be linked to the estate agent you’re buying your property through.
Red Flag #2: Feeling Like You Need To Buy Any House You Can Get
When you’ve been searching for a property for a while, it can feel tough. Properties fall through, offers get rejected and it’s easy to lose hope as a result. But it’s not your fault, it’s just bad luck because there isn’t enough supply to keep up with the demand. However, just because the housing market has slim pickings for your criteria, doesn’t mean you need to lower your standards. Keep going! Because whilst buying a property can be a long process, it’s actually short-lived and when you’re going to have a property for years to come, you want it to be right!
Red Flag #3: Rushing The Process
When the market is competitive, you may feel pressure to make quick decisions in order to speed it up, or because you feel like you may miss out. But a scarcity mindset is not something you want to go into when buying a property with and making quick decisions without consideration is a huge no-no.
Red Flag #4: Going Over Budget
It happens to all of us, whether we’re food shopping, clothes shopping, or going out to dinner. Budget creep happens. But when buying a property, it’s something you need to be extra careful of, because the offer you place for the property isn’t the only cost, you’ll be paying. You’ll also have fees, stamp duty, solicitors’ fees and surveying costs to take into consideration—and when you increase the price you’re paying for a property, it can also affect the price you’re paying for these aspects too. Speak with your broker and establish a clear budget so you know your absolute maximum taking everything into consideration.