Buying a property is a costly task that takes a lot of time and thought. But even with the utmost attention to detail, it is easy to encounter problems when buying a house. From your mortgage application being rejected once you’ve found your dream home to noticing flaws after you’ve put down an offer; there are so many things you need to remember to do.

To ensure you don’t make any house buying mistakes, we’ve looked at the most common property buying problems and given tips on how you can prevent them from happening in the first place.

Not getting your mortgage pre-approved

One of the worst things that could happen when you’re looking to buy a house is that you fall in love with your dream property, and then later find out you can’t afford it. By getting your mortgage pre-approved you’ll know what you can afford, and what the monthly payments will look like, and use this to only view properties within this budget.

Be sure to remember though, what the bank says you can afford and what you are comfortable with paying each month are not necessarily the same. Similarly, what you think you can afford and what the bank is willing to lend you may not match up either.

For more information on getting your mortgage approved, speak to one of Chancellors’ financial services advisors who will be more than happy to help.

Only looking to one lender for a mortgage deal

By shopping around for the best mortgage rates, instead of going with the first lender that offers you a deal, you could end up saving yourself a lot of money in the long term – especially if you’re a first-time buyer. If contacting multiple providers and filling out multiple forms isn’t convenient for you, consider hiring an experienced mortgage broker to help. A mortgage broker acts as a middleman between you and any potential lenders, working on your behalf to find you competitive interest rates that best fit your needs.

Chancellors’ financial advisors have over 90 lenders which they can search the market for, to find the right product for you.

Not using an estate agent

While there is lots of information on the internet, you’ll never be able to beat the knowledge and expertise of a local estate agent when buying a property. A house will likely be the most expensive purchase you ever make, therefore having someone to guide you through the process who has your best interests in mind is invaluable. Build a good relationship with your estate agent and they may even be able to tell you about properties that fit your specifications before they hit the market.

Not looking close enough at the smaller details

It’s easy to set your heart on a property based on how it makes you feel when you walk in the door, but you need to make sure you look closely at all the smaller details, as well as the bigger ones, before buying. Overlooking structural issues to the building because large garden caught your eye, or forgetting to notice mould around the windows because you loved the open plan kitchen could result in you having to pay a lot more to fix these problems in the long run. Ensure you know exactly what you’re getting into before you put your offer down, so that you don’t encounter problems when buying a house.

To make sure you ask every question necessary during your viewing, so that you don’t brush over any small details, be sure to read over our ‘House Viewing Checklist For Buyers: Everything You Should Know And Ask When Viewing A Property’.

Ignoring the local area

If you were to buy the property you’re looking at, you’d not only be living in that house, but you’d be living in that local area too. It’s impossible to know everything that does, or could, happen in the area, but though some basic research you’ll be sure to get a good understanding. Depending on your family unit, interests and needs, look into nearby schools, shops and leisure activities, as well as investigating crime rates and how the area potentially changes after dark.

If you’re looking for more information on how Chancellors can help you during the process of buying a house, the expert team are happy to help. Get in touch with your local branch now.