Common Mistakes As A First-time Home Buyer

Common Mistakes As A First-time Home Buyer



Published in

Home Buyers

11 Jun 2021

Buying Your First Home in Canada

Buying a home for the first time is a big milestone! You’re making quite literally the most important financial transaction of your life.

Nowadays, people are increasingly making the jump from being a renter to a homeowner. For everyone, buying a home is a celebratory time. When you are planning to buy your first home , it is vital to do your homework before signing the deal. As a first time home buyer, this experience is completely new to you and you will want to ensure you have all your grounds covered.

It is important to do detailed research on the property you’re looking to buy. From online and market research to discussions with family and friends - you will want to learn as much as possible about buying a property and the area you’re interested in before making a purchase decision. You can narrow down your search by city, price or even its easier to find a MLS Listings on map in desired area. For instance you can search Homes For Sale Near me, Homes For Sale in Niagara, MLS Listings in Toronto, Real Estate in Mississauga. A good purchase strategy will help you check all the boxes to ensure you’ve made the right decision. It is pivotal to look at the distinct investment properties available in your area of interest before deciding on an offer. Check with a mortgage specialist or visit your nearest bank if you have any questions for first time buyers mortgage.

It can be pretty enticing to go on your own when you’re thinking about purchasing a home, however, you’ll want to work with Best realtor who can guide you through the buying process, showcase your listings within your criteria, and facilitate the paper work. A good realtor will also guide you towards the right decision by helping you avoid common home-buying mistakes. Additionally, a majority of listings tend to sit with realtors so you will likely have a very tough time finding a direct home seller. You can look for first time home buyer assistance also not to forget to check first time home buyer incentives.

Furthermore, let’s examine some of the biggest mistakes that first-time homebuyers make with their purchase decision:

Failing To Account For Additional Expenses

Being a homeowner is a challenging role. There are several monthly expenses that can be substantially high and no surprise if you’re buying a home for the first time, you may not be considering these expenses in your budget.

Aside from the cost of purchasing the home, you also have to account for the following expenses:

Property taxes
Homeowner’s insurance
Home maintenance
Mortgage insurance (for low down-payment mortgages)

Not Knowing What You Can Afford

Affordability is considered to be an important part when you’re buying a home. If you end up purchasing a very costly home, you may risk having a monthly mortgage payment that you can’t afford long-term. If you have to put down all your savings towards the down payment for the home, then you will strongly want to reconsider your budget.

Wiping out all your savings could leave you in a financially difficult situation. Even though your income source may have stability, there is a possibility that things may go south down the road and leave you with an unstable income. This will then have an impact on your ability to continue paying a high mortgage.

Neglecting Inspections

There are endless expenses involved in buying a property and some people select to spare on inspections to save a few bucks but this is a terrible mistake.

Paying some dollars for an all-inclusive home inspection can help you understand the problems that may not have been disclosed by the seller. In turn, this may end up saving you from purchasing a home that’s not in good condition, or that requires noteworthy repairs and renovations.

Buying a home for the first time can seem like a daunting task but if you avoid some common mistakes, do your research, have a strategy along with realtor by your side, then you are setting yourself up for success with your very first home purchase!

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