Buyers: Avoid These Mistakes!

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What are the four most common mistakes made by home buyers?

 

  • Not having a  pre-approved mortgage  Without a doubt the most common mistake made by first time home buyers and seasoned buyers alike is not getting pre-approved. It’s simple, before viewing homes, visit the bank or mortgage broker to obtain an idea of what you can afford. There is nothing worse than falling in love with a property to only realize you cannot afford it.
 
  • Under budgeting –  Just as in selling home has a wide array of additional costs as does buying a home. Be sure to have l 3-5% of the homes value for costs outside of your downpayment on the side.
 
  • Comparables – It’s important to ask for a list of comparable homes that (recently) sold in the area because not asking for it is a common mistake that happens to novice buyers, particularly so if they have already fallen in love with a place. Even if you find your dream home, make sure to work with your Realtor and examine all comparable sales!
 
  • Failing to explore the neighbourhood – The house may check off all the boxes but failing to consider commute time or traffic as well as local neighbourhood amenities could result in disappointment!
 

 

Buying a property is a huge step. Be sure to do your due diligence and research, hire an experienced agent and prepare yourself accordingly.

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