The article emphasizes the common mistakes homebuyers make when purchasing property and urges potential buyers to learn from these pitfalls. Key points include the critical importance of conducting a thorough property survey rather than relying on mortgage valuations, which are not comprehensive assessments. Additionally, it highlights the necessity of researching the local area, as unexpected neighborhood dynamics can lead to buyer disappointment. Real estate professionals stress that being informed and proactive can significantly enhance the home buying experience.
"Many buyers mistakenly assume that the mortgage valuation is a survey of the property, when in fact it is used purely to ascertain that the property you are buying represents adequate security for the lender."
"We would always advise a purchaser to have a full survey undertaken on the property they are purchasing: ideally this should be a homebuyer's level 1 or 2 report for more modern properties...or a fuller level 3 building/structural survey for period/listed buildings..."
"Location can be a big source of disappointment. For example, that main road that was quiet when you went to view the property at the weekend, but is snarled with noisy traffic every weekday."
"Bear in mind that it's up to you to organise a survey when you're buying, and it's important to select the right type of survey."
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