After following up with the experience of many first-home buyers. Here is a list of some mistakes to avoid:
1. Not Hiring a Professional
A huge decision such as buying a dream house is best done with the help of a professional who can find you a prize property and negotiate the best bang for your buck. Some of the best Edmonton real estate brokers and agents can be found by the internet or talking to your friends and family.
2. Love at First Sight
When people choose a house to buy, they use their emotions at times. They find something about the house that they like, A fireplace, kitchen ect… They then that be the main deciding factor and all other features of the house disappear into oblivion. Aside from the fact that you may be overlooking some of the flaws, you may also get involved in a bidding war with other potential owners, and overpay! It is best to be level-headed when inspecting a house and not just settle for the first house that you see. Bring someone unbiased like a friend when viewing the home, to get a second opinion.
3. Not Having a Pre-Approved Mortgage
It is frustrating when you see a home you love and find out that you can’t afford it. Getting a pre-approval from a bank or mortgage broker is easy! It will give you a edge over buyers when submitting a bid.
4. Not Having A Cushion
Finally when choosing the home, consider that as a homeowner, you are going to pay additional expenses aside from your monthly payments. Property taxes, home insurance are just some of additional costs associated with a new home. Make sure to have a little extra cash on hand for minor and repairs and unforeseen expenses.
Keep in mind the tips mentioned above and you’ll be sure on your way to having stress free buying experience!
