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Common Buying Errors

Shopping for a new home is an emotional experience. It is, however, also a business transaction, and must be treated as such. Three of the most devastating things that can go wrong are:


  • Overpaying for the home

  • Losing out on your dream home to another buyer

  • Buying the wrong home


When you have a systematic plan in place before you shop, you’ll be sure to avoid these costly errors.


Here are some great tips on making the most of your home purchase:



► Get the information you need


What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Your own research is important, as is the assistance of an experienced real estate agent.  A professional real estate agent can offer an unbiased opinion on the value of a home, based on many factors and a great deal of information. Without specific knowledge of the market, your offer could be too high. Or worse, you could miss out on a great buying opportunity. Select the right agent and trust that person to represent your interests.



► Buy YOUR home


What do you need and want in a home? Sounds simple, but clearly identifying your needs and bringing an objective view to home shopping leaves you in a much better position. Is there a particular neighbourhood that you are interested in? The street may be beautiful and quiet but how far will you have to travel to and from work? How much space do you really need? Too small and you may feel like you live in constant clutter. Too big and maintenance may become too daunting. It is very important to outline all of your priorities and establish both your “must have list” and your “wish list” and then work on finding not just a great home, but a great home that meets the majority of the needs of your family.



► Get pre-approved


It only takes a couple of days now to get financing pre-approval. A qualified mortgage professional can advise you of the best way to maximize eligible RSP contributions, budget for monthly expenses such as taxes, insurance and utilities and help you work out a plan that is affordable for you and your family. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious pre-approved buyer. You, in turn are not spending time and energy shopping for a home that is perhaps in your price range however not within your “financial comfort zone”.



► Minimize the unexpected


For around $500, a professional building inspector will conduct a thorough inspection of the home. Their expertise can mean the difference between uncovering major flaws before or after you own a home. Make their report’s findings a condition of your offer to purchase. This clause is put in to protect your interests.



► Remember additional costs


Besides the funds for the purchase of a home, you’ll need to have money available for items such as loan fees, insurance, legal fees, surveys, inspections, moving etc.



► Take a deep breath


Before you sign; ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush through the paperwork process. You could lose money, financing, or even the deal if you attempt to push things through too hastily.

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