Congratulations! You’re about to enter the exciting world of home-ownership! This is an exciting time in your life, to say the least; however, with so much to do and information to take in, it can also be STRESSFUL! After all, this is a huge investment, and sometimes, it can feel like the seller holds all the cards. Well, it doesn’t have to be that way!
Luckily, many others have ventured into this territory long before you, and it’s through their mistakes that we learn and empower ourselves as buyers.
You will find plenty of lists on what to do when preparing to buy a home; but here is our list of things you definitely do NOT want to do!
Become An Empowered Home Buyer By Avoiding These Mistakes
Not Doing The Research
This is a HUGE investment; it deserves proper preparation and research! You wouldn’t spend thousands on a wedding without doing some research, so why spend hundreds of thousands on a house without thorough preparation?
When you buy a home, you’re also buying a neighbourhood. Learn more about the area including schools, stores, crime rates, zoning laws, and what kind of crazy neighbours you may end up with. Remember to also research yourself: your finances, family needs, and get pre-approved financing!
Not Knowing The Agent’s Role
Make no mistake! An agent selling a home is working for the seller. It’s as plain as that. It would be a terrible conflict of interest if an agent was looking out for both the seller and the buyer. If you fall in love with a home, it may be best to keep your emotions in check while sitting at the negotiating table or you may find yourself paying more than you bargained for. Don’t take this personally, it’s just business! To even the playing field, be sure to hire a buyer’s agent so you have someone in you’re corner making sure everything is fair.
Ignoring The Budget
Speaking of paying more than you bargained for, set a budget and STICK TO IT! Think long term: What happens if I lose my job or if I get sick? Is the mortgage still manageable? Be realistic, and stay within your means. Don’t forget to factor in costs of future renovations, property taxes, insurance, etc.
Not Sleeping On It
Don’t get ahead of yourself. Give yourself at least 3 days to cool off and think about your potential purchase. Make sure you don’t sign right away. Don’t trust verbal contracts! No matter how nice everyone is, make sure you are protected by getting EVERYTHING in writing! If it feels good, is within your budget, and you’ve taken a few days to think it over, then you may be ready for the green light!
Ignoring The Inspection
Again, don’t take people’s word. Ever notice how a seemingly good used car tend to fall apart right after being sold? Well, that can happen with houses too! Even if the sellers have the best intentions, they may not realize a problem exists. Hire your own inspector to do a professional home inspection for you.
This list is far from exhaustive, but if you follow our guide and continue your research, you’re sure to find a couple of aces in your own back pocket!