Superman's Pants: don't let your home buying journey turn into a comedy of errors

Unless you are Superman, you wouldn't dream of putting on your pants after your trousers, would you? What about putting your shoes on before your socks?

We know Madonna likes wearing her pointy bra outside her shirt, but for the rest of us, this would only get us strange looks and make us look a bit potty!

We understand there is a natural order in which we should getting dressed and there is a natural order for other processes too (like not buying medicine before a diagnosis, eating your food before cooking it – you get the gist), yet when it comes to something as important as buying a home, this is one of the biggest mistakes which FTBs often make, going about buying a home in the wrong order.

Of course, you’re excited! You’ve just decided you want to get on the property ladder! And the first draw is going to be scrolling through Rightmove or Zoopla, envisioning yourself in your dream home a la "Grand Designs" or "Homes under the Hammer." The excitement is palpable as you picture yourself lounging in your spacious living room or cooking up a storm in your modern kitchen. It's tempting to dive head first, fuelled by visions of your ideal home.

But hold on a minute. Before you start ringing Estate Agents and booking viewings, have you assessed your finances? Do you know how much you can realistically afford? Have you considered the long-term implications of home ownership, beyond the initial excitement? Boring, but vital!

Unfortunately, many first-time buyers (FTBs) fall into the trap of putting the cart before the horse when it comes to buying a home. They jump onto property listing platforms, dazzled by glossy photos and enticing descriptions, without first laying the groundwork for a successful home buying journey.

Instead of starting with a solid financial foundation, they rush to viewings and put in offers based on guide prices, often without fully understanding their budget limitations or conducting thorough research on the property's value and market conditions first.

Then, if an offer gets accepted, the scramble begins. FTBs suddenly find themselves hastily assessing their finances, scraping together the necessary deposit saved, and frantically arrange mortgage and legal services. In their rashness, they may succumb to pressure from estate agents to use in-house services, without considering whether these services truly align with their needs and preferences.

This reactive approach to home buying can have serious consequences. FTBs risk overstretching their finances, falling prey to conflicts of interest, and relinquishing control over the process. They may end up with mortgages and legal services that don't suit their needs, leading to stress, frustration and feeling like they are a mere passenger on a runaway train.

But it doesn't have to be this way. By taking a more strategic and informed approach to buying a home, FTBs can avoid common pitfalls and set themselves up for success. Start by assessing your finances and understanding your budget limitations. Take the time to research the property market, neighbourhoods, and property values in your desired area(s). Seek guidance from independent mortgage advisors and solicitors who prioritise your interests, provide expert advice tailored to your needs and with whom you can build a rapport first.

Most importantly, don't let the excitement of home ownership cloud your judgment.

Remember, buying a home is one of the biggest financial decisions you'll ever make. By prioritising financial stability, conducting thorough due diligence, and taking control of the process, you can embark on your home buying journey with confidence and clarity.

After all, the key to a successful home purchase lies in doing things in the right order, just like getting dressed in the morning.

Pictures from Unsplash