Taking that first step onto the property ladder can be daunting and there are many mistakes you’re likely to make when buying your first home. Doing your research before you buy is vital so you know what pitfalls to avoid.
New research from The Co-operative Insurance has just revealed some of the biggest mistakes that first-time buyers (FBTs) make to help you avoid doing the same in the future.
It was found that underinsurance is a key problem for those aged between 25 and 34. It was seen that 20 per cent of FTBs in this age group only purchased either buildings or contents insurance, instead of opting for the two combined.
Furthermore, ten per cent of FTBs admitted that they only bought buildings insurance after they had moved into their new house – despite the fact that it’s the purchaser’s responsibility to have this arranged from the date of exchange.
Another common mistake is failing to measure the house properly before buying furniture. The study found that 25 per cent struggled to get their furnishings into the house, while 16 per cent had to remove a window in order to do it and seven per cent caused damage to their house while moving in.
Estate agents like beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge.
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