Buying your first home entails a slew of major decisions that can be as daunting as they are exciting. It’s possible to get caught up in the excitement of house hunting and make mistakes that could lead to buyer’s remorse.
Let’s take a look at three of the most common mistakes first-time homebuyers make and how to avoid them:
1. Looking for a property before getting pre-approved.
It’s understandable that looking at condominiums is more enjoyable than talking about money. Many first-time home buyers make this mistake: they go out looking at condos before figuring out how much they can afford. A HUGE MISTAKE. Before you go house hunting, figure out how much you can afford so you don’t fall in love with a place you can’t afford. Furthermore, if you aren’t preapproved for a mortgage, you can miss out on a property in this ultra-competitive market.
2. Not using a buyer’s agent.
Some homebuyers make the mistake of negotiating with the seller’s real estate agent (also known as the sales agent), who represents the sellers. It’s important to find a buyer’s agent you can trust, one who will act entirely in your best interests and direct you through the home-buying process. What’s the best part? They’re completely free!
3. Underestimating the costs of ownership.
This often goes hand-in-hand with purchasing a condo that is more expensive than you can afford. It’s tempting to fall in love with condos that are a little out of your price range, but going overboard is never a good idea. Be sure to factor in any maintenance fees, as well as utility bills like water, hydro and cable. It’s also crucial to plan ahead for repairs that could be needed in the next two to five years, such as appliances or flooring.
As your buyer’s agent, our job is to protect you during the sale and make sure you don’t have any regrets once you move in!
