Mistakes Made by Generation in Home Buying- Real estate agent Kitchener can help you overcome




We, being humans, make mistakes. That’s how we learn in many cases. Here is a list of common mistakes that home buyers make in all age groups.


Mistakes In 20’s – Getting the wrong mortgage


Sometimes young buyers get ARM’s, which are adjustable rate mortgages looking at the low introductory interest rate. They carry a lot of risks. Thinking they will earn more money in the future, so when the mortgage rate increases, they will be able to afford the new monthly payment. However, ARM’s even though with the low interest rates ,is risky. What happens if rates increase, but your home value falls? You’d have fallen down too .


Younger buyers could consider a lower down payment loan – like an FHA loan or low down payment conventional loan. This will reduce their initial out-of-pocket expense while locking in an interest rate.


Avoid these mistakes In 30’s – Consider consulting a Real estate agent Kitchener


When you are doing the home deals, you must consider your plans and needs of the future. This should be kept in mind as life can change quickly. A 1-bedroom condo may make a great home for a single person, but in a few years, it may not make any sense for you at all. You gotta think long term when buying a home for yourself.


Mistakes in 40’s to 50’s – Overestimating your budget


Do not start overestimating your budget in the 40's and 50’s even if you have good money saved. They can easily end up buying a house that they really cannot afford once you consider the monthly payments and that they typically last 30 years. Figuring out your budget before taking any important step as buyers of any age, but especially those in this age group.


60’s and up –Tend to fall in love with a vacation home


Once you get into your 60’s and above, you are near retirement. Many retirees go on vacation, fall in love with a place, and make plans to move. Relocating and buying a home is an expensive process, so be sure to familiarize yourself with the new place before buying, if you fall into this age group. Your vacation home can be your full-time home, but just be sure to factor in all of the costs, before making the move.


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