We all know you can't put a value tag on happiness. When one buys a new house, it is a huge financial decision.
It is exciting because you are starting a life journey simultaneously, and there may be many complexities involved.
However, many home buyers are ill-prepared when they go to the market to buy their first house. It's not their fault, for how could they know?
We are never taught this as part of the school curriculum. Most schools don't teach us much about ourselves or the world we live in.
But we must learn from mistakes and get better with each passing day till we find ourselves at a place where we can say: "I did it! I have become the proud owner of my very own first home."
In this blog post, we discuss 5 of these common buyer mistakes and ways to avoid them:
Not Doing Proper Research
As a homebuyer, it's important to have a good grasp on finances and specific needs so you can make the best judgments for your family if you choose to buy a home.
This depends on whether you have debts before taking up finding a new residence for your family.
It's also crucial to remember that you're making an investment not just in the property but in location and community value.
You want to be certain that the local schools are in good condition, that transportation services are easily accessible, and that safety levels are satisfactory for your family's living situation.
Choosing The Wrong Mortgage
Before buying a house, you need to get pre-approved for your loan. Many people consider using housing calculators online to be sufficient, but this is not enough - you need to go into the bank and get things taken care of properly.
The amount you can afford is not necessarily what the banks will actually lend you, so don't risk being disappointed by getting your numbers wrong.
Going Beyond Your Budget
Sure, we'd all love to live in a big house, but what if we could make do with one on a smaller scale? It appears more appealing when something is out of reach, but you must set price boundaries.
This way, your real estate agent will know exactly what they can show you and what is within your price range. If the boundary is too loose or not stated, then it'll seriously derail finances in the future.
Being Over Excited
Sometimes we see a house and think, "This is it," but the realtor tells us that we can't afford it.
Realtors are experienced in reading personal emotions and negotiating, so let's remember to keep calm when seeing a house we like.
If you learn to be assertive in negotiations, you might get what we wish for! Maybe you can come back and ask about the house later.
Not Having A Home Inspection
Buying a home is exciting, but it's important to remember that you should hire a home inspector to do a final walk-through and look for anything major that needs to be fixed before moving in.
Many issues can go unnoticed if only a quick skim walk-through and closing the deal.
For example, you may believe your roof is in good condition, but it may have rot or be infested with squirrels or another animal.
It is not always possible to go through every nook and cranny for problems because you may lack the proper tools or training that an experienced home inspector in Calgary has.
Why put your hard-earned money at risk on a dead property?
After reading this guide, we hope that you'll know what to do and what not to do while purchasing a house. We hope that you'll be able to find the home of your dreams and avoid the frequent mistakes that many people make while buying a house.