FIVE MISTAKES THAT MANY FIRST TIME HOME BUYERS MAKE

 Buying a home for yourself is a very complex process. Mistakes happen during the process. There are many ways you could possibly go wrong.


Buying a first home is something that many people do. Today, 70% of Canadians own their own home. Homeownership is one of life’s biggest achievements. 


These are the five mistakes that many first time home buyers end up making


1. Don’t do  it all yourself


If you are trying to buy a house, you should get professional help. Don’t waste your time making guesses. Don’t deal directly with the private home sellers or with the listing agent. You can do better if you get help. Face it today. You really don’t know what you don’t know. You surely can do it yourself, but you will do a lot better with a real estate agent at your side. 


In this DIY culture and the internet – social media prompts and Youtube videos, there isn’t much we don’t think we can do. If searching for a new home, many people start out alone but thankfully they do find help along the way.


2. Budget Limit


Before you get serious about buying a home, please do talk to your lender. They will put you on the right track in terms of money. They will let you know your budget parameters which will help you avoid searching for homes that you cannot afford.


The lenders will tell you that you are actually richer than you think. 


3. Home is where the neighbourhood is 


You are not just buying a home, but also buying a neighbourhood. It is crazy to get drawn into buying a beautiful home that has neighbourhood flaws, but it happens all the time with most of us.  


Remember, You can change your home, but you cannot change your neighbourhood. When making a decision, consider these three of buying a good property


Neighbourhood and schools

Transit and transportation networks

Shops and public amenities 



4. Keeping your credit score high  

Don’t do anything that impacts your credit score before closing on your ideal home. That includes, do not buy a car with a payment schedule. Do not quit your job. Do not open a line of credit. Do not start buying furniture already. Do not apply for any new credit cards. 


It is most important that your lender knows that you have the ability to pay the mortgage. Don’t do anything that harms your ability to do that. 


5. Stay focused and rational throughout


Don’t be manipulated by well-staged homes, model homes with all of the upgrades, or even situations created with high-pressure multiple offer situations. Remain cool. Stay fully focused. Don’t allow yourself to get too emotional. There are always options in houses, other deals, other days yet to come.


Look past what you can see. At the same time,  you have to look past the superficial flaws to see the real importance of the home, the neighbourhood, school and nearby amenities. 

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