A home is one of your greatest investments. However, the home-buying process can certainly be a little overwhelming, frustrating, and confusing. There are many decisions to make, factors to consider, and there is plenty of room for error. Here are four common mistakes home-buyers make and how to avoid them.
1. Purchasing a Home Too Soon
You may have found your dream Markham home, but if you aren’t financially ready to take the plunge, then it is best to wait. Homeownership requires much more than just a down payment and some closing costs. There are fees, taxes, insurance premiums, and home maintenance repairs that you need to be financially prepared to make. Additionally, even if you receive pre-approval from the bank and they say you can qualify for a home, make sure you are comfortable paying the price you offer. You don’t want to live paycheck to paycheck because you purchased a home out of your price range.
2. You Don’t Shop Around
If you fell in love with your first showing, don’t stop there. Many homebuyers find a house they love and don’t look at other possible options. Spend time looking at other homes on the market. You may find a house you didn’t care for from the online listing was the perfect house for you. Or, you may become more confident in the first home and place an offer.
3. Purchasing a Home Based on Features — Not Logistics
While there are features and qualities you look for in a home, it is important to remember that you are buying the entire home, not just a kitchen or a patio. This means as you consider a home, it must make the most sense for your lifestyle, budget, and family. For example, if you are a young family, you need a home with ample space for your family to grow into, not just because it has the perfect kitchen.
4. Working on Your Own
An experienced real estate agent can help you navigate the home-buying paperwork, industry jargon, and decisions. They know what neighborhoods to stay away from, where the best schools are, and how to negotiate an offer. When you trudge through the home-buying process on your own, there is more room for error due to your lack of experience and you may end up spending more money in the long run.
If you are ready to begin house hunting, contact an experienced Markham agent today to help you find your dream home and avoid as many home-buying mistakes as possible.