We are all too well aware that nothing is perfect, and when buying a new home it’s inevitable to bump into several difficulties along the road. If you already have some experience in home purchasing, then you surely remember what you would do differently this time. With that in mind, here is an extensive list of don’ts when choosing your new residence. On the bright side, if you avoid all of these, the whole process is bound to be much less stressful.
Setting up the wrong budget
This is one of the biggest mistakes you can make. First of all, because it is very discouraging. You will be looking at houses which are way beyond your comfort zone. Secondly, you will lose a lot of precious time if you do the calculations wrongly and waste your free time looking at houses which are ultimately unsuitable for your current situation. To prevent this from happening, calculate your borrowing power using a simple yet reliable online borrowing power calculator. This should provide you with the real picture when it comes to your future available assets.
Not getting pre-approved
Every serious buyer knows that they are supposed to have a document confirming their readiness to take out a loan. Once you have your finances in order (including paying all the bills from various credit cards), apply for a pre-approval and gain advantage over your competition.
Not going window shopping
When is the right time to start going to open houses? The answer would be – right now! Indeed, if you are thinking about purchasing a new home, you should already be looking around and checking out the market. This will help you not only in determining the current prices, but you will also be able to discern which home features are most important to you, i.e. what is negotiable, and what is absolutely out of the question.
Saving money on home inspection
Regardless of all those extra expenses that are bound to appear along the way, you cannot afford to get distracted and save up on calling a home inspector. That would be one of the worst possible mistakes. Even if you know someone who is a builder/architect, or extremely knowledgeable about building houses, the best and only solution to having your future investment properly inspected is that you hire a home inspector.
Showing too much emotion
This seems rather funny a piece of advice, considering the seriousness of the situation, but it is absolutely true. Do not let your emotions show during the purchase, i.e. even if you completely adore the house, restrain showing your admiration too openly, or how much you loved it. Once the seller realizes this is the home of your dreams, you can expect them to stick to the initial offer and not lower the price one bit.
Signing documents in a hurry
Whatever it is you are going to sign, never ever do so without proper consulting. Even though in some cases it takes some time for a contract to become valid, prevent any inconveniences in advance. Consult your lawyer prior to finally sealing any deal.
Listening to others’ advice
While it is perfectly normal and expected for your family and friends to give you pieces of advice, especially if they have been in the same situation, bear in mind that their ideas of a perfect home and yours do not have to match at all. For this reason, feel free to ignore some advice even from the people who love you the most. If they aren’t going to live with you, they shouldn’t have the final word.
Overlooking the total cost
The price of the property is one thing, but there are more expenses here than meets the eye. Consider whether you will need to redecorate, plant a tree, or perhaps buy a new lawn mower. Even an expense as common as that one is still something to count on. Should you desire to have new furniture, or even a couple of pieces, you have to add these costs to the list of overall expenses.
Not checking the neighborhood
By this we mean not checking if the area is residential, what the building plans for the zone are, if there are any building restrictions, what the proximity of schools is etc. These are what life is about after all, not the mention they hugely affect your future house sale.
In a nutshell, buying a house is a period which is filled with unpleasant surprises. If you take care of the above, there are fewer chances for you to experience certain problems.
References:
https://propertyupdate.com.au/13-common-mistakes-home-buyers-make-and-how-to-avoid-them/
https://loans.usnews.com/mistakes-to-avoid-when-buying-a-house
Contributed by: Greg Clarke, professional realtor serving the Kelowna and Vernon area helping people make better home buying decisions.
