Buying a home can be one of the most stressful life events people experience. You are parting with large amounts of your cash – with the average cost of a UK home being £268,250 (around US$364,300) – and there are complex processes to go through. With that said, it is very important that you do everything to make your purchase go as smoothly as possible. One person who knows about that buying process more than most, is TV property expert Phil Spencer. Best known as the co-presenter of Location, Location, Location, he is also the founder of property advice website Move iQ. And he stresses the need to get things right when you are buying your next property.

Buyer's remorse accumulates over time

“Buyer’s remorse is a terrible sinking feeling, and the sense that you’ve made a mistake with your choice of home. It rarely comes on suddenly, but tends to be the accumulation of minor gripes and annoyances over time,” says Spencer, who initially studied as a surveyor before becoming a home finder. “Often it’s less to do with the property itself and more to do with other factors that you didn’t think about or notice when deciding to buy it,” he adds. So what are the key mistakes that buyers make when looking for their next flat or house? Below, Spencer runs through the key areas where issues tend to arise, and what buyers can do to avoid that dreaded remorse he speaks of. (Photo: Anthony Devlin/PA)

Pay attention to detail on location

Although it may seem obvious to some, Phil stresses that getting location wrong when searching for a home can be a be a “big source of disappointment” for buyers. What are the sorts of location issues that Phil sees? “That main road which was quiet when you went to view the property at the weekend, but which is snarled with noisy traffic every weekday, or the realisation that your new neighbour plays drums in a rock band and likes to rehearse every night at dinner time”, are two examples he gives for when location issues can arise. But he says that these sorts of problems can be avoided. “The secret to avoiding problems like these is to visit the property at a few different times of the day before you buy it, to check for noise levels and maybe even practise doing your daily commute,” he explains. (Photo: Justin Tallis/Getty)

Avoid overpaying at all costs

“Another mistake that people make when they fall in love with a property is overpaying. While it’s true that the ‘right’ price for a property is what you feel it’s worth, you need to reach that figure through intelligence as much as impulse,” Phil explains. “Before making an offer, remember to research carefully what similar properties in the area sold for,” he says. One way you can do this is by using land registry data, while property portals also show sale histories for some homes. “This will give you a good baseline from which to judge what’s a fair price. Don’t forget that the seller’s asking price is just that – it’s what they’re asking for, not necessarily what the home is worth,” explains Phil. He says his Move iQ service offers property reports to give buyers a picture of the local area. (Photo: sqback/Getty)

Getting a survey done can be vital

A property survey is an inspection by a qualified surveyor which looks at a home’s condition and highlights potential issues that could affect its value or safety. Phil thinks these are vital. “Don’t underestimate the importance of getting a survey done of any property you’re seriously considering buying. While it’s not a legal requirement to have a survey done, I always recommend getting one – even for a new build property,” he says. “New builds will typically be covered by a warranty which provides some degree of protection if there’s a problem with the building. Older properties come with no such guarantee – so it’s a case of buyer beware,” he explains. He says that is why it is important that you get a professional survey done as soon as the seller accepts your offer. “A trained surveyor will be able to spot problems that you might miss, but which could prove very costly to fix further down the line,” he says. A survey costs hundreds of pounds but Phil points out that buying a home is “invariably the most expensive purchase we ever make” so the cost of the survey is small fry overall, and can give priceless peace of mind to you as a buyer. He says it can save you a fortune in the long run as well. He explains: “If the survey does reveal that the property has a serious ‘skeleton in the closet’, you could decide to walk away from the purchase. Remember that in England and Wales you’re not committed until contracts have been exchanged. “Alternatively you could use the survey’s findings as grounds to negotiate some money off the seller’s price. Surveys can be useful haggling tools.” (Photo: Move iQ)

Beware of moving day ‘nightmares’

Once the biggest parts of a purchase are out of the way, Phil says there are details that people can still get wrong. He says: “Before choosing a removals company, make sure you vet all the firms you’re considering. Check reviews online and above all make sure they have adequate levels of insurance to cover any breakages. “Think twice about asking your friends or family to help if you’re moving a whole home’s worth of stuff. It’s a huge undertaking and well-meaning amateurs are more likely to damage your furniture or scratch the walls than professionals. “Don’t forget to check if you need to reserve parking, or request a parking permit, for the removal lorry – both outside your old home and at the new one. Make sure you allow plenty of time for the local council to process your request, as asking the removals team to walk around the block with your furniture isn’t really an option.” He says not doing this can end up costing you or delaying your move. He explains: “If you don’t sort things out before moving day, your movers might insist on waiting until you have done so and you may even end up paying for their extra time.” (Photo: Getty/Cultura RF)