There’s only one secret to ensuring a successful home buying experience and that’s research, research, research. All of these mistakes that home buyers make can be avoided by investigation and by asking questions Yes, it takes time and effort and sometimes requires you to invest some money upfront, but in the long run, you’ll be certain that you made the best possible purchase of your new home.test
Here are five of the most common mistakes that home buyers make.
Looking before you know what you want
Take the time to sit down and think hard about what’s important to you and your family about your next home. Separate your needs, wants and must-haves and put them in order of priority in a checklist. Is it essential that everyone has their own bedroom? Does a finished basement outweigh a large yard? Is a large kitchen more important than the jet tub in the master ensuite? This will save you, and your realtor, time and effort from viewing homes that are clearly not a practical fit for you.
Not knowing what you can afford
Falling in love with the house that meets your needs and has many of your wants only to find out that you can’t afford it is heartbreaking and can seriously derail your enthusiasm in your new home search. Before you set foot inside the first property, some experts suggest that you go through the application process for a mortgage and get pre-approved. This tells you and your realtor your buying power; but it can also give you leverage in negotiating a better deal on your chosen home as the seller knows that you will definitely quality for the loan.
Going without a home inspection
We can’t emphasize enough that there is absolutely no reason to ever miss out on obtaining a certified independent home inspection of your potential new home. You’re spending hundreds of thousands of dollars, at least, so make sure you know where all the home’s deficiencies and damages are. You can ask the seller to correct any problems as part of your offer to purchase or use the inspection report to negotiate a better purchase price. And this applies to new builds as well as to pre-owned homes.
Not spending time in the neighbourhood
“Location, location, location” is more than just a realtor’s catchphrase, it’s actually a great piece of advice to keep in mind when choosing where to live. The value of your home is not only affected by its geographic location, it’s also changed by the homes around it. Having the smallest home in the area may seem like a great investment but your taxes will still be high because of the surrounding houses. Spend time in the neighbourhood at different times of the day and night. Observe the traffic and noise patterns; talk to neighbours about schools, shops, the library, kid’s playgrounds, gyms, restaurants. Don’t forget to check the zoning laws so you won’t be surprised about in-fill housing or a new shopping centre.
Forgetting about the hidden costs of buying
Not knowing how many extra dollars you have to spend beyond the price of the property is such a frequent and potentially distressing mistake that we’ve devoted an entire article to it.
How much does it cost to buy a home?
For the flip side of this, read our article on the frequent (and costly) mistakes that home sellers make.
Four Frequently Costly Mistakes That Home Sellers Make