The 6 Top Home-Buying Mistakes to Avoid
Whether you are a first-time home-buyer or an experienced buyer, mistakes can always happen. They usually creep up when we're in a hurry or we are not knowledgeable about the situation.
There are so many facets to buying a new home that we can miss things. And it happens. After all, this is probably the largest purchase you will ever make. Take this list with you next time you buy and save yourself a little headache. (These are in no particular order.)
1. If you're planning on moving again soon, don't buy a house . Some experts agree that if you know you'll be living somewhere for 2 years or less, then buying a home is not a good idea. Best not to get stuck in a property in case it doesn't sell quick. You could be investing a lot of money up front for cost and repairs and not get to reap the benefits later.
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2. Don't blow your budget . Hopefully you already know how much you can afford. Even if you see the home of your dreams, don't overstretch the funds. Chances are you'll be kicking yourself in the long run.Try staying several thousand below your max. This will help when hidden expenses pop up.
3. Falling in love with a property can be bad . If you have your heart set on a property and are out-bid then you have to move on. Sure there may be tears, but there are other houses available. Along with this is to NEVER let your feelings show to the selling agent about your love of the property. They can use that in the negotiations.
4. Pick an agent you can trust . Even if you have to review several before picking the right one, it is worth the time. Trust your gut instinct. The last thing you want is someone who does not communicate well and doesn't have the time to show you everything you want to see.
5. Be prepared for extra expenses . Just because you see the sticker price of the home does not mean the price stops there. Property taxes and any upgrades can take a toll on your budget. Hidden costs WILL be there, so be sure to count them all before signing.
6. Don't buy things too fast . This is a huge mistake lenders have told me many people do. After their offer is accepted, home-buyers will run out and get a credit card to purchase a new living room, thus changing their credit score and altering the deal. It can become a big mess and could result in a broken contract. Take it easy. Live in your new home for a bit to figure out what you will really need.
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Posted in Real Estate Post Date 01/19/2015
Keller Williams Edge Realty Inc, Brokerage
Independently Owned and Operated
3027 Harvester Road Suite 105,
Burlington ON L7N 3G7
Office # 905-335-8808
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