Buying a house for the first time- what do you wish you'd known?

[MsF1t]

We are planning to buy a house in the next few months, and have just begun the process of seeing advisors about mortgages. We saw our first house yesterday. Well, 'upper villa'. House hunting and mortgages is all new to us both, and we're quite nervous about getting into trouble.

We are on a small budget but hope that we will be able to move up as/if our finances improve.

So: as the title says- what did you wish you had known?

(We're in Scotland, so any Scotland-specific stories/advice would be particularly useful!)

bumpitty-bump

Treat it like a used car or something you are buying at a car boot. Assume there is something wrong with everything and check everything like taps, showers, boilers, windows, doors, behind furniture for damp, under mats, drains, radiators, appliances, lights, attic, anything! You are paying a lot of money to sort out someone elses DIY disasters! And if there are problems you can adjust your offer. So second viewing or third viewing even say i'd like to make an offer, I'm serious but i need to do my own survey on everything first. If they disagree they are hiding something anyway or they are going to be a difficult person to negotiate with so I would walk away there are lots of houses and not many buyers

That it'll take twice as long as anyone tells you to go through, even if it's chain free and that solicitors are useless, you basically have to do their jobs for them, chase everything, confirm everything is actually done etc. very tiresome. Congratulations though, it's all worth it!

Go to one of those Mortgage Shops, they're soooo fast, do everything for you & you don't have to deal with scumbag banks at all!
Nothing else really apart from have a huge deposit (everyone knows that) and bleach the house as soon as you get the keys

I suppose I wish I'd known just how much money owning a house costs. Make sure you know EXACTLY how much the mortgage payment will be, the life insurance, council tax, any other payments linked to the house, that you're not currently paying. Then work out if one of you lost your job/had massive bill that wiped out your savings, how long you could continue paying your mortgage.

Also, they say LOCATION LOCATION LOCATION for a reason. Choose a not so great house (can be done up slowly) in the best location you can afford. Find out from the estate agent what makes a "best location" - could be schools, access to transport links, other bigger posher houses.

I could go on. My list of mistakes is enormous :(

Don't skimp on a survey. Yes, a full survey costs more than a homebuyers but it'll usually pay for itself by flagging all the problems with the property that you can then use to renegotiate the price (assuming you make an offer subject to survey).

That a living room facing north will be dark at all times of the day (I was young ok).

If it needs rewiring, don't try and live there at the same time.

To allow enough money for the things that go wrong from day one! Boilers, electrics, random leaks that type of thing. There is always something, all the time! So make sure there is a bit left each month for when the washing machine dies etc.

And research the area even if you think you know it well. If you decide you like a house stalk it! Drive by at different times of the day and night - look for what the traffic and parking are like at different times, and if its where the kids hang about on a night.

We pulled out of a house we were in love with after driving by on evening to find the kids hang out point was on the area right infront of the house. I'm so pleased we found that out because otherwise it was such a lovely, pretty, quiet road.

Oh and don't forget mortgage arrangment fees. I always forget about that untill I'm sat there and they are asking if I'm paying by card or adding it to the mortgage . I wouldn't care but I've bought a lot of houses and mortgages!!

To see a truly independent mortgage broker and not one tied to certain products.

Another one - don't get carried away with new stuff for a new house, I've seen a lot of people go mad getting things done as soon as they move in, one friend moved just before Christmas and has re decorated her whole house, new flooring the works and its all on cards and buy now pay later.

It could easily have waited and been done slowly but she got carried away and wanted the house 'just right' straight away. So now she has a lovely house but crippling payments every month.

Just do what I do and 3.5 years in have painted 3 rooms!! Now thats taking it slow

Thank you everyone- these are some great tips. Will be adding them to our panic list!

If there's more than one note of interest see if if they want to split the cost of a better survey than the home report.

If you're the only note of interest, see if they'll take offers rather than waiting to go to closing. Especially if it's been on a while.

Be clear of what percentage over asking is normal in your area just now, and what percentage over you can afford.

Try not to fall in love. You might be out bid.

If you're looking at flats, be very careful to check what rights/responsibilities you have on the close, drying green etc and if there's a Factor what they cost/should do (and actually do).

Put a random amount on the end of your bid so you don't bid the same as some one else e.g £100,014. We got our house by a margin of £26.

If the mortgage survey value comes back less than what you've had to bid to get the house, argue. Your mortgage % will be based on the survey value. The house is worth what some one (you) agrees to pay for it. The insurance value (for rebuilding) is a different matter. This is a lesson learned through hindsight. Our mortgage company took the survey value and tried to charge us a 'higher lend' fee as it took the mortgage to 90%. We were lucky to have enough to put down a bigger deposit, but should have argued and kept our savings.

It costs more

It takes longer

All houses have things wrong with them.

That's basically it.

p.s. good point about looking at different times of day. I bought a house on a quiet road, but the main road nearby is the only one in one direction, so at weekday rush hours is clogged

Scroobius - by the way, I really loved 'Thou Shalt Kill'.