Buying a home is one of the largest investments you will ever make! In order to make your home hunting experience the best it can be, there are a few common mistakes to avoid and be aware of before you start your journey:
- Not Getting Pre-Approved: One of the biggest mistakes when it comes to the home-buying process is not getting pre-approved prior to starting your search. The most important aspect of buying a home is the mortgage application and approval process. Getting pre-approved determines the home price that fits your budget as the mortgage process requires submission and verification of your financial history. Not only does it make the home buying process easier, but you can also lock in the rate that you’d like for 120 days while you search for your next home. Getting pre-approved also shows that you are a serious buyer.
- Not Setting or Following a Predetermined Budget: Another mistake that people make when home-hunting is not setting, or following a predetermined budget. It can be tempting to start looking at the top of your budget, or even slightly over, but when you consider closing costs and the long-term financial responsibility of home ownership, it is best to avoid maxing yourself out. Talking with your mortgage broker to determine your financial situation and the best options for you now, and in the future as well as getting pre-approved is the best way to understand your budget.
- Not Hiring a Real Estate Agent: Your mortgage broker and your real estate agent are two of the most important members of your home buying team! In today’s competitive real estate market, it can be very difficult to acquire property without the help of a Realtor. Which is why it’s important to hire the right real estate agent. One reason is that Realtor’s can provide access to properties that never even make it to the MLS website, or that come onto the market before a listing is even signed. Most importantly though, a Realtor can navigate you to be successful in your journey to purchase a home by being there for you from the first viewing to having your offer accepted.
- Focusing Too Much on Aesthetics: We understand that bad interior design can really affect the perception of the home, you don’t want to be blindsided by it. At the end of the day, aesthetics can always be updated! Giving up the perfect price or location or size for a few aesthetic details (such as paint colour, flooring, outdated appliances or light fixtures) is one of the biggest mistakes people make! Most homes have incredible bones that only need some minor modifications to become your perfect space.
- Not Thinking Ahead: What you want and need in a house today, could be very different from what you want and need in a house in a few years time. It is important to be able to look ahead – are you planning on having children? Are your parents getting older and in need of a retirement space? These are things that are good to take into consideration when buying a new home. Buying a home isn’t a permanent decision as you can always sell your home later on if it doesn’t work for you in the future. But it is almost always easier to plan ahead so you can grow with—and not out of—your home.
If you are looking to purchase a new home, your first space, downsize or a step-up from your current living situation, we would be happy to help! Please don’t hesitate to contact us to discuss your mortgage options, get pre-approved and talk about everything you need to know before you get started!
Trish & The Primex Team