Last Updated on April 27, 2015
Are you looking forward to buying your first home? Shopping for a new home can be exciting and exhausting, and sometimes it can even be scary. Your main aim is to buy a home you love and also at a price you can afford. This may sound simple enough, but many people still make mistakes that always prevent them from achieving their dreams. Here are tips to help you avoid the most costly mistakes people make when buying their first home:
Being too picky
There is nothing wrong with putting everything that you can think of every other time on the new home wish list, but you don’t want to be inflexible such that you continue paying rent for longer than you want to. Because their funds are somewhat limited, first time home buyers have to compromise on almost everything and many things including homes. You need to decide how it is important to become a homeowner today rather than years to come.
Being too easily swept away
Cosmetic fixes and minor upgrades are some of the tricks home sellers dream of playing on home buyers’ emotions so as to elicit higher price tag. If you are on budget, it is important to look for a home whose potential has to be realized. Also, look for a house you can add value to because this will ensure a bump in equity and also help in upping the ladder.
Neglecting home inspection
It is quite tempting to think that you are already a homeowner especially when you go into escrow. You need to ensure that before you close on that sale, make sure that you know what kind of structure or shape the home in question is. The last thing you want is to end up with the headache of performing lots of unexpected repairs. Avoid making costly financial mistakes by keeping your feelings in check until you are very sure of physical condition of the house as well as the soundness of your potential investment.
Not thinking about the future
Did you know it is very tricky predicting the future of your selected neighborhood? But paying attention to any information that is available to you can really help you avoid unpleasant surprises in the future. You should ask yourself if there are development plans that are to be implemented in the future, if the home values in your neighborhood has been declining and if your street is likely to become a popular rush hour shortcut among others things.
Skipping mortgage qualification
You need to make sure that you are pre approved for the mortgage before you place an offer on a home. Don’t waste time only to find out later that the financial institution won’t lend you what you are looking for.
Compromising on very important things
Why buy a condo because you feel it is cheaper while you truly know that you don’t like sharing walls with neighbors. It is a fact that you may have to make some compromises in order to afford your first home, but the last thing you want is to make a compromise that will be a major strain.
Lacking vision
You may not be able to replace that hideous wallpaper in your bathroom now, but living with its ugliness for a while is worth it, especially in exchange for getting into a house you can afford. Does the home meet your needs such as location and size? Then don’t let the physical imperfections turn you away.
Not choosing to hire agents
If you are seriously shopping for a new home, do not walk into any open house without having an agent. And you should note that there is a difference between the buyer’s agent and the seller’s agent. You should be working closely with the buyer’s agent because you are shopping for a home.
Ignoring mold and asbestos inspection
Most people think that only old houses have these allergens. The fact is, mold can thrive anywhere as long as there is a conducive environment for their growth. And mold in particular can cause allergies and even trigger asthma when you move into the house. Before you buy this dream home, make sure that it is inspected for mold so that you are sure that the place is safe for everyone who is going to live there.
Buying a first home can sometimes seem overwhelming or stressing and of course, it also comes with its own pitfalls. But if you are aware of these issues early enough, then you can protect yourself and others from costly mistakes and shop with confidence.
Are you in search for a mold inspector? Don’t hesitate to contact us at The Mold Guy because that is what we specialize in. It does not matter whether it is a new house or old one; we can do a complete mold inspection in Toronto.