6 MISTAKES TO AVOID BEFORE BUYING A HOME

6 MISTAKES TO AVOID BEFORE BUYING A HOME

  • June 30, 2017
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6 MISTAKES TO AVOID BEFORE BUYING A HOME

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It's a good idea to create a prioritized list of features you want in your next home - you'll Soon discover finding the right house involves striking a balance between your "must-haves" and your "nice to-haves." I want to bring your attention to Some mistakes home buyers make While buying a house. My purpose of highlighting these mistakes is to make buyers, especially first-time home buyers understand the home buying process in a better Way, and avoid making these mistakes.

Mistake #1.

 Not Getting Pre-Qualified for a Mortgage Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose. This can save you hours of searching for homes in the Wrong price range or worse, purchasing a home and then finding out you don't qualify for financing. Pre-qualifying gives you Peace of mind helps narrow your search criteria and most importantly, gives your Realtor a negotiating edge by being able to alleviate the Sellers concern over financing. In today's hot market the buyers with pre-approved mortgages have a huge edge in Case EA of multiple offer situations.

Mistake #2

 Not Shopping for Mortgage Terms Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP's, general account, savings etc. Posted rates should be viewed as a Starting point. You need to know what the best rate is and this is usually done by get competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc. The time spent can save you thousands of dollars over the life of the mortgage. Get yourself fully educated with all your mortgage options before you make a decision.

Mistake #3

 Not Using a Professional Real Estate Agent. Your realtor can help you make a purchase with the least amount of problems. He or she can ensure the price you pay is market value. They can offer expert advice on What to look for, conditions to include, negotiation strategy etc. After all, they work for you. In this competitive market, an expert realtor can help you to close the deal easily, rather than you are making phone calls to all the for-sale signs you see on roads. Remember listing agents are Working for home-seller not for you.

Nav Khela Real Estate Consultant Contd. next edition

 

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