5 First-Time Buyer Mistakes

by | Wednesday 25th Apr 2018 | Mortgage Insights

First time buyers make avoidable mistakes

Is contents insurance at the forefront of your mind when you’re buying a property for the first time? In the excitement of buying your first home and the number of things you have to attend to, not taking out a contents policy may be one of a number of mistakes first-time buyers make when buying a property.

Having the right contents insurance policy in place can protect new homeowners against theft, loss and damage to your personal possessions, should they be furniture, clothing, electronics or other. Policies can cover single items or the total amount of your valuables; working with a specialist consultancy can help you to pinpoint the cover most suitable for you when you’re moving into your new home.

Considering buildings and contents insurance is essential for first-time buyers

Not only is considering buildings and contents insurance essential for first-time buyers to cover their possessions, those policies also offer long-term peace of mind, taking worries from the shoulders of new homeowners and allowing them to concentrate on more urgent matters.

A lack of insurance isn’t the only thing that first-time buyers overlook when buying a property. First-time buyers can make the process much easier by cutting out some common mistakes, including:

Checking with their current insurer: During the moving process, it’s possible that those with existing contents policies may already be covered. If you already have cover in place it’s worth contacting your existing insurer to see if you’re covered during the overall removals and moving process.

Getting a property survey: “Many first-time buyers make the mistake of skipping a proper property inspection. This is usually because they are not willing to pay for a survey or have fallen in love with the property so much that they are in a rush to seal the deal and move in,” said Elliot Castle of Webuyanyhome in September 2017. Getting a professional survey can help identify problems with the property and potentially save money in the long-term.

Collating total costs: Buying a property for the first time can be a daunting process and will increase the number of financial obligations. Taking the time to consider each and every possible cost – from the mortgage to insurance policies – helps to negate nasty surprises and is a key way to budgeting in a much smarter manner.

Working with a specialist: First-time buyers confused about the mortgage-buying and insurance process can take a lot of the stress out of the entire process by working with an experienced specialist whose consultants will work with you to simplify the overall move and find bespoke solutions that work for your financial needs.

If you’re a first-time buyer who needs help discovering suitable mortgage and insurance products, read our First-Time Home Buyer Questions To Ask A Mortgage Broker or contact our Putney mortgage team today to see how we can help you make your dream of home ownership a reality.

Please note that neither Oportfolio Limited or First Complete Limited are responsible for the accuracy of the information contained within externally linked sites accessible from this page. Your property may be repossessed if you do not keep up with repayments on your mortgage. Oportfolio Ltd fees are payable on application. We charge a broker fee for property purchases of £495 and a remortgage/further advance fee of £395. Our product transfer fee is £295.

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