First-time home buyer? Downsizing? Retiring? Whatever your reason for moving, it should be exciting! So, we’ve gathered a few home buying mistakes that you should avoid, to make the experience as smooth as possible.
Not Loving The Home
We’re talking about two things here and both are equally important!
First, just as simple as it sounds. Don’t settle! You should be excited about your new home and that means loving it.
Second, make sure the thing you love is actually the house, not the staging. It’s set up to make the house look as amazing as possible. But, will you still love it with your own furniture? Probably, but always keep it in mind!
Not Exploring The Neighbourhood
Not only will this be your new home, these will be your new neighbours, and your new neighbourhood!
Having an agent who is deeply familiar with the area will always help, but don’t forget to check it out yourself too! Take a walk, drive your commute, and even check it out when the sun goes down.
Not Being Honest With Yourself About Renovations
You might find a house that you really like, but the basement is unfinished. Maybe you would love the kitchen if it was just a bit bigger.
If you have experience renovating or have a flexible budget, then you might be completely comfortable buying the house with the plan of renovating a few spots. However, if not, just be honest with yourself about the time, patients, and budget that will go into it. It might be better to find something more complete.
Hiring Your Real-Estate Agent Friend
It might be tempting, and they might actually be the right person for the job. However, you need to make sure they are. They need to know the market and the specific needs that market might entail.
Check Out Another Blog: Tips For Buying A New Home: 9 Tips You Should Know!
Being To Open At The Open House
We know it’s in the name, but that’s not what it’s referring to.
Asking the seller’s agent about the house, the neighbourhood, and their timelines is always welcome, but save talking about how much you’re willing to pay, for another time. Just remember, the seller’s agent is there to help them get top dollar!
We hope this list of home-buying mistakes has been helpful. If you have any additional tips to help out some fellow house hunters, share them in the comments!
Saving For Just The Down Payment
The down payment is certainly the big one, but there are additional fees and taxes you might also need to pay. Things like title insurance, homeowners insurance, property taxes, land transfer taxes, escrow fees, and more.
Not Fixing Your Credit
If you want the best mortgage rate, fixing your credit score should be priority one.
Ideally, this is something you’ll work on long-term. It’s hard to change things overnight, but slowly improving your credit score has zero downsides.
Also, we’re not just talking about those who already know they have poor credit scores. You should always get a credit check done before shopping around for a mortgage. There might be a costly mistake on it without you even knowing about it. Partially tarnishing an otherwise shining record.
Not Taking Advantage Of First-Time Home Buyer Incentives
If it’s your first time buying a home, the Government of Canada offers an incentive program that can knock 5% to 10% off your down payment, making purchasing your first home a lot more manageable.
Not Preparing A Cushion
Just because you’ve saved enough for the down payment, doesn’t mean you’re done saving!
Buying a home, especially one that isn’t brand new, means repair and maintenance costs are now on you! While your home inspection (which we always recommend you get) will catch anything before you sign the final papers, it’s always a good idea to have a bit of a cushion, just in case.
