Whether you’re buying your first, second, or hundredth home, it never hurts to learn about some of the major mistakes that buyers make when it comes to finding a home.
Here are the 5 most common mistakes people make when it comes time to buy – and how to correct them.
1. Rushing the Process
There’s nothing worse than feeling rushed, whether it’s at a restaurant, an appointment, or during your search for a new home. So, why do so many prospective home buyers rush the process? This is one of the biggest mistakes you can make, especially when it comes to one of the biggest decisions of your life. Take a breath and slow down – your sanity and your pocketbook will thank you.
2. Ignoring the Market
Do you know if we’re currently in a buyer’s or a seller’s market? If you don’t know, you are already hurting your chances of having a positive buying experience. The purchase of a home is not something that happens independent of other factors – it’s influenced almost entirely by the market. Buyers who don’t know the market, and don’t know what they are potentially getting into, are setting themselves up for failure before they even begin.
3. Neighbourhood Research
One of the most important parts of the home buying process is knowing where you want to buy, what you can buy, and, ultimately, how the two relate. You need to know the area, the available homes, and you need to have a thorough understanding of your budget. Did you know that if you move a block east you could get more home for less money? Expand the borders of your search and really get to know your options. Locking into one street, one neighbourhood, or even one specific area can limit your ability to find the perfect home for you.
4. Skipping the Home Inspection
If you’ve gotten this far and found a home you love, you need to make sure that you’re doing everything right when it comes to taking ownership of it. A big mistake that buyers make is skipping, or not properly understanding the process of a home inspection. You need to have a solid inspector, one who will be honest with you and can point out problems long before they happen, so that you can keep the final purchase price relative to your future expenses. When you don’t do this, you might be costing yourself thousands down the line.
5. Working with the Wrong Agent
When you’re looking to buy, you need to work with an agent who understands the process, knows the area, and works with the right people who can help you get the best deal. When you work with the right agent, you can forget the stress and the hassle of feeling like you’re on your own – because they’re right there with you. Buyers who make the wrong choice of working with the wrong agent not only feel abandoned during the process, but they end up taking a loss on the final price.
Are you ready to have a better real estate experience? Whether you’re buying or selling, we’re here to help. Contact us and we’ll start a conversation about your needs, and how you can avoid these mistakes and make the right choice: working with the right agent who understands and delivers on your needs.