10 Deadly Mistakes
Saturday Oct 06th, 2018
Choosing a real estate agent who is not committed to forming a strong business relationship with you.
Making an offer on a home without being pre-qualified.
Pre - qualification will make your life easier- take the time to talk to with a bank and/or a mortgage broker. Their specific questions with regards to income, debt and other factors will help you determine the price range that you can afford. It is one of the most important steps on the path to home ownership.
Not knowing the total costs involved.
Early in the buying process, ask your real estate agent or mortgage or representative for an estimate of closing costs. Title insurance and lawyer fees should be considered. Pre-pay responsibilties such as homeowner's association fees and insurance must also be taken into account. Remember to examine your settlement statement prior to closing.
Limiting your search to open houses, ads, or the internet.
Many homes listied in magazines or on the internet have already been sold. Your best course of action is to contact a real estate agent. They have up-to-date information that is unavailable to the general public, and they are the best resource to help you find the home you want.
Thinking that there is only one perfect home out there.
Buying a home is a process of eliminatition, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your real estate agent for a comparable market analysis. This compares similar homes that have recently sold or are still for sale.
Not considering long - term needs.
It is important to think ahead. Will your home suit your needs in 3-5 years from now? How about 5-10 years?
Not following through on due diligence.
Make a list of any concerns you have relating issues such as crime rates, schools, power lines, neighbours, environmental conditions, etc. Ask the important questions before you make an offer on a home. Be diligent so that you can have confidence in your purchase.
Not having a home inspection.
Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers can overlook.
Not examining insurance issues.
Purchase adequate insurance. Advice from an insurance agent/broker can provide you with answers to any concerns you may have.
Not purchasing a home protection plan.
This is essentially a mini insurance policy that usually lasts one year from the date of sale. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to your agent to help you find the protection plan you need.
PICK THE RIGHT HOME
Bring a camera to document each home that you visit. Start each tour with a shot of the address plaque so you can easily identify each home later.
Take notes during each home visit. Record any notable features, architecture and design elements. List what changes you would make and what details really stand out. You will especially want to write down your first impression of each home.
Pay attention to the home's surroundings. Generally avoid the most upgraded home on the block. Is it in a friendly neighbourhood? Will parking be an issue?
Is it a good area to walk your dog or have an outdoor get together? Is it in a good school district?
Visit homes that you were interested in again a few days later at a different time of day. You may notice some nuances you missed earlier.