Are you ready to buy a house? Great! Now let’s make sure you don’t make these common mistakes
1. Making an offer on a home without being prequalified:
Sitting down with a lender will help you determine the price range you can afford. Mortgage calculators on the internet are great, but they don’t help you out with the whole package (i.e. income vs debt and credit ratings). Getting prequalified is an important step on the path to home ownership.
2. Not shopping for Mortgage terms:
You don’t need to go to a big bank for a mortgage, there are many good mortgage brokers out there that will find you the best rates and terms for your mortgage.
3. Not having a home inspection:
A qualified home inspector will find issues that you the Buyer, may overlook in your excitement.
4. Limiting your search to open houses, ads or the internet:
Many homes listed in magazines or on the internet may have already sold. A REALTOR(r) will have up to date information that is unavailable to the general public. Contact a REALTOR(r) to be your resource and guide through-out the process.
5. Choosing the wrong REALTOR(r):
Choose a REALTOR(r) that is committed to forming a strong business relationship with you. Interview real estate agents to find one that is dedicated to serving your needs-before, during and after the sale.
6. Thinking there is only one perfect house out there:
Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to possibilities. Ask you REALTOR(r) for a comparative market analysis. This compares similar homes that have recently sold or are still for sale. This will provide you with all the facts and figures to make an informed decision.
7. Not considering long-term needs:
It is important to think ahead when buying your new home. Will the home suit your needs in 3 to 5 years?
8. Not examining insurance issues:
Purchase adequate insurance. Obtain advice from an insurance agent to provide you with answers to any concerns you may have. Take note that there may be certain issues or conditions in a home that are not-insurable.
9. Not knowing total costs involved:
Early in the buying process, ask your REALTOR(r), lender and attorney for an estimate of closing costs. Title insurance, attorney fees, land transfer taxes etc. should be considered. Take into account condo fees, house insurance and deposits for utilities.
10. Not following through on due diligence:
Make a list of concerns relating to issues such as crime rates, schools, power lines, neighbours, environmental concerns etc. Ask the important questions before you make an offer on a home.
We would love for you to include us in your search for the right home. Call us today and get The Saugeen Team on your side!