10 Deadly Mistakes when Buying A Home
In the market for buying a home? Make sure you’re not making any of the top 10 deadliest mistakes!
- Making an offer on a home without being pre-qualified.
Pre-qualification will make your life easier – so take the time to speak with a lender. Their specific questions in regard to income, debt, etc., will help you determine the price range you can afford. It is an important step on the path to home ownership.
- Not having a home inspection.
Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues and potential problems that many buyers can overlook.
- Limiting your search to open houses, ads or the internet.
Many homes listed in magazines or on the internet have already been sold. Your very best course of action is to contact a REALTOR ®. We have up-to-date information that is unavailable to the general public. A REALTOR is the best resource to help you find the home you want.
- Choosing a real estate agent who is not committed to forming a strong business relationship with you.
Making a connection with the right Realtor is crucial. Choose a professional who is dedicated to serving your needs – before, during and after the sale.
- Thinking there is only one perfect house out there.
Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask me for a Comparative Market Analysis (CMA). 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 the home suit your needs three to five years from now?
- Not examining insurance issues.
Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.
- Not buying a home protection plan.
This is essentially a mini insurance policy that usually lasts one year from the close of escrow. 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.
- Not knowing the total cost involved.
Early in the buying process, ask your REALTOR or lender for an estimate of closing costs. Legal fees, Property transfer Tax and HST are just some of the extra costs involved. Remember to carefully examine your Buyer’s Statement of Adjustments.
- Not following through on “Due Diligence”.
Buyers should make a list of any concerns they have relating to issues such as; crime rate, schools, power lines, neighbors, 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.
Take charge in your home buying process, avoid these mistakes, and you’ll be on the right track!
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