Buying Your First Home should be easy!
Avoid the Most Common Mistakes made by First Time Buyers
Buying a residence can be a hair raising experience. From finding the
right place, to securing the mortgage and moving in can be a daunting
experience. For most of us the first time home purchase is the largest
investment we’ve ever considered. Often the emotions of purchasing
something so expensive and personal can cloud our business judgment.
Most home purchasers do little or no research before they invest their
nest egg. Doesn’t it make sense to be as informed as possible before
you buy your first home? Avoid these common and crucial mistakes. The
right real estate professional can help you make good sound business decisions
based on your personal circumstances.
Find Out Where You Fit Financially – Sit down with a
professional mortgage broker and discuss your income level and living
expenses. Your dream home is certainly worth a sacrifice but don’t
mortgage your entire future. We can get you pre-qualified early in the
process, lock in the lowest possible interest rate for at least 90 days
and allow you to shop for you new home knowing that all of your financing
needs are already in place. Investigate – Check out all costs and expenses before
you sign. Utilities, taxes, insurance, maintenance and home owner dues
if applicable. Make sure all utilities are on (gas, electricity, and
water) so you can inspect everything in working order. Ask lots of questions
and be very detail conscious. View Several Homes – See at least 3 - 5 properties.
Don’t move on the first property you see. With the help of a qualified
real estate professional you should be able to view enough properties
to get an overall perspective of the market. When you find the right
property all the leg work will be worth it. Inspect The Property – Go over the inspection report
thoroughly, (condo purchases - CC&R’s, By-laws and Strata
Fees). Make sure the report was done by a professional organization.
Be sure inspect everything! Imagine The Property Vacant – Remember, try to view
the place with your furnishings and decorations. Do A Final Walk Through – Visit the property after everything
is gone to be sure there are no surprises. Confirm the property was
left exactly as you had agreed upon in the contract. Often times, things
are unintentionally overlooked that could have been spotted in a final
walk through. Plan For Flexibility – Closing dates are not written
in stone. Allow contingencies and have a back up plan. If you or the
sellers need a little more time to conclude the final arrangements,
don’t get frustrated or let these delays upset you. These types
or circumstances are not unusual in a real estate transaction. Can I Have That In Writing – All promises and discussions
are to be in writing. Don’t make any assumptions or believe any
assurances. Even the best intentions can be misinterpreted. Have your
professional keep an ongoing log in writing of all discussions, and
get the seller’s written approval for all agreements. Loyalty – Be open and up-front with your broker. Hard
feelings and disloyalty will cause headaches, delays or may even keep
you from getting into the home you worked so hard to find. Take the
time to select the right brokerage firm in the beginning and your first
home purchase will be a pleasing and memorable experience
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