Mistake #1 -- Buying a Mis-Matched Home
What do you need and want in a home? Sounds simple, yet clearly identifying your needs and bringing an objective view to home shopping will leave you in a better position. Sometime homebuyers buy a house that is too big or too small. Have you considered the drive the work, distance to schools or repairs that need to be done to the home?
Mistake #2 -- Shopping Without Pre-Approval
It only takes a few days to get financing pre-approved. This give you power when shopping for a home as a seller is more likely to consider an offer from a buyer who knows they can afford the home and can be financed for it.
Mistake #3 -- Forgetting About Additional Costs
In addition to paying the mortgage, you will need to find money for your deposit and down payment which will go against the purchase price. You will also need to pay for insurance, legal fees, surveys, inspections, moving costs and reconnection fees.
Mistake #4 - Offering Without Sufficient Information
What price do you offer a seller? Is the seller's asking price too high, or is this a great deal? Before you make an offer, be sure your real estate agent has researched the market for comparable home sales in the neighbourhood.
Mistake #5 -- Rushing the Closing
Before you sign, ensure you clearly understand all documentation and conditions of the transaction. Buying a home is not a returnable item so don't rush -- you could end up losing money, financing or even the sale.
Mistake #6 -- Delaying Your Offer
Once you've found the property you want, move forward. Always use caution, but taking too long to decide could result in losing the property to another buyer. |