8 Common mistakes prospective owners make



The Do’s and Dont’s of house buying

 

1. Payments, Debt and Funding

Don’t close your credit accounts

While closing any credit accounts you do not use may seem like a good idea financially, it can look bad on a credit score and here’s why. When you have a higher debt, you lose points across your credit availability.

Wait until you have closed the deal before you make any of these changes to your finances.





Keep track of your finances

You will need to provide complete documentation of where all your money is going and where it is coming from.

Keep a paper record of your statements so that you know exactly where your money is, and can provide this information when asked.

Apply for finance

An easy way of making your property project more fundable is by seeking funding from property development lenders, especially if you are renovating, building or developing a property.

Types of property finance:

2. Have a clear budget

Along the lines of finances, credit checks and funding, it is vital that you have a clear budget when buying a house so you know what is within your budget, and what might be an unaffordable option.

Tips on budgeting for a house purchase.

3. Inspect the interior of the home

Take the opportunity and time to inspect the inside of the house closely. Here are some things to look out for:

  • Uneven or bubbling flooring
  • Any signs of damp or discolouration on the walls
  • Peeling paint
  • Any holes in the skirting boards
  • Any smell of damp