Stamp duty for first-time buyers is a bit complicated, especially if you did not study it thoroughly. Fees like these are something worth knowing, but Stamp Calculator and other experts recommend being aware of many other mistakes to avoid.
Here are some of the most common mistakes that people commit when buying a house:
Not saving enough money
People often get caught unaware of how much stamp duty costs. A tax duty is worth up to £2,500 and it is something that should be taken seriously. It is best to know the fees you need to pay prior to buying a house or applying for a mortgage.
Using all the money you borrowed
Know how much you are eligible for a loan before you start house hunting. Do not go for the maximum amount. Remember that you will be carrying this financial burden for years. Choose a house that will fit your budget.
Neglecting your credit score
A poor credit score can result in a mortgage rejection. It is always a good idea to check your credit files before applying for a mortgage and make sure that it is error-free. If it has a few errors, then coordinate with the agencies involved to have it revised.
Not checking out the neighbourhood
Check the neighbourhood before you strike a deal. The house may seem nice in pictures, but it may be situated in a shady neighbourhood. It is always better to see the house you are going to buy in person.
Forgetting to create a checklist
You may get overwhelmed with all the features you see in every house, and that is not good news in the decision-making process. Create a list of all the features you and your family needs to make it easier for you to narrow down your choices.
Ask your family about the features they want and list them according to importance. Bring the list to your house hunts, but learn to compromise if you cannot find everything you and your family needs. What is important is that the house meets most of your major needs.
Buying a house is one of the biggest decisions you will make in your life. It may happen only once (or twice), so you must make the right choice to make the most of your money.