Avoid These 5 Common First Time Home Buying Mistakes

Avoid These 5 Common First Time Home Buying Mistakes

1 Jump starting the home search without any research Buying a home is more than just signing a legal document and writing out a cheque. Whether you are buying new construction from a builder or an existing resale, it's important to do your research before starting the home search process. Every buyer has different objectives to meet their needs. Source an experienced real estate agent to work with to help you tailor your search and represent your best interest.  

2  Starting your home search without a pre-approval
When I speak to first time home buyers, the first thing I ask is if they are pre-approved by a lender for the amount they wish to spend. Often times, the answer is 'yes' and that they walked into their bank and got their financial advisor to pre-qualify an amount. What buyers fail to understand is that there is a difference between a pre-qualified loan and pre-approved loan which can greatly affect the final purchase price.
Not understanding the upfront and closing cost
Some of the FAQs I get asked by first time buyers are... 1] Does the initial deposit for the purchase goes towards the downpayment of the loan? 2] How much do I need to put aside for closing cost? 3] What is the typical range for lawyer fees? 4] What other costs outside of lawyer's fee are there? [appraisal fee, tarion home warranty, land transfer tax, adjustments]  

4 Working with an inexperienced real estate agent
Real estate agents do more than just pulling listings and unlocking doors at showings. Choosing an experienced real estate professional can save you thousands when issues can be flagged before problems arise.  Not all real estate agents can offer the same insights, as well as raising the right questions before you move forward with a home purchase and structuring the best offer to protect your interest.  

5 Not having professional experts on your team
Assembling the right team of professionals to work with can offer a smooth and gratifying home purchase experience [mortgage professional, lawyer, home inspector etc.] Many seasoned real estate agents already have a network of local partnerships specializing in  areas tailored that can be tailored to different levels of the buyer's needs.    The process of buying an investment property can be very different than buying a principal residence or finding land to build a home. Not all real estate professionals work the same. Do your research and choose the right real estate professional before endeavoring in your next home purchase.

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Phone: 480-882-1234
Dated: January 29th 2014
Views: 759
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2077 E. Warner Rd #110
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