Buyers remorse is all good and well if we’re talking about a particularly expensive pair of shoes that don’t go with as many outfits as you initially fooled yourself into believing. But when it comes to buying an actual house, this is the last thing you want to experience.

There are a few potential pitfalls that you need to be aware of in order to make the best decision possible when it comes to buying your first home – and to mitigate any such feelings of regret.

In our opinion, it really is a case of ‘forewarned is forearmed,’ so let us lay out the most common first-time buyers mistakes that you can avoid.

Not knowing what you want

Sometimes we get so bogged down with what we can afford, that we forget about the fact that at the end of the journey, we’ll be moving into a house and living there, for some time to come. There are several critical factors to consider that will absolutely impact your daily life, like how many bathrooms you really need, whether you need to be close to schools, or if you actually have time (and the money) for a garden.

Not thinking of the future

Look, no one can know what the future will hold, but first-time buyers should still consider how their property needs may change as life progresses. You might get married, buy a second car, have children, or take up a woodworking hobby that requires additional space.

You might be thinking, “Well, I could always sell and move on,” but keep in mind that the transfer costs and commissions involved in buying and selling property are enormous. That’s why it’s so important to think longer-term.

Moving too fast

Rushing this process isn’t advised, for a lot of reasons, but mostly because moving too fast could leave you without enough time to save enough for your deposit, deal with items on your credit rating, and generally make informed decisions. Rather take the time to map out a home-buying timeline that gives you time to save money and repair poor credit.

Underestimating the running costs

The payments don’t stop at bond repayments. You may use more electricity than in your previous home, and there will be other monthly bills, like rates and home insurance. Not to mention the fact that unless you’ve bought a brand new home, chances are that you’ll have unexpected repairs to deal with at some point, and you could be in a tight financial spot pretty soon.

The deposit is too small

No one is saying that you need to put down a 20% deposit, but paying a deposit that’s too small will leave you with bigger monthly bond repayments that you might struggle with further down the line.

Making an emotional decision

It’s easy to allow your emotions the privilege of making some pretty big decisions. Firstly, buying a house is a major life milestone and it’s easy to be overwhelmed by the enormity of choosing the place where you’ll put down roots and make memories. Secondly, we’re all coming out of a pandemic and the opportunity to make big decisions and live the lives that we want will undoubtedly be tinged with an extra emotional layer.

Too much debt at the wrong time

We’re certainly not criticising you for having financial debt, but there’s a wrong time to have too much debt and that’s before you apply for a home loan. Do your best to knock off those smaller debts, like clothing accounts, and then make your way into reducing any bigger debts so that you can improve your income-to-debt ratio.

Not understanding the rates and taxes attached to the property

It’s not just about seeing if you can afford the bond repayments. You also need to find out what you can expect to pay in terms of rates, taxes, and other municipal services. When it comes to the rates and taxes, these are calculated using the municipal valuation of the property, which is based on the market value of the property. You should also know that each municipality sets its own rates, which you can get from your estate agent.

A final informative word of advice

Whenever you buy a property (first time or not), you’re making one of the largest investments of your life. A bad decision could have repercussions for years to come.

This is another reason why it’s a good idea to get a property valuation report.

A property valuation report gives you relevant information on a particular property, highlighting the strengths and weaknesses of the home you want to buy. Specifically, a property valuation report includes legal descriptions, ownership history, size, location, the 20 most recent sales, amenities, as well as a history of transfers in the area. AA Inform is home to a range of useful tools and resources, including property valuation reports, which you can request below.