There are home buying errors that every buyer should try to avoid. For first time home buyers, it is even more important to be aware of the common missteps committed by home buyers so that their first step into homeownership will be a memorable one for all the right reasons.
The good news is that it is fairly easy to avoid these mistakes as long as the buyer keeps an open-mind and listens to feedback they receive. To be a happy and content homeowner, here are some things you should try to avoid.
1. Favoring looks over function.
As a first time home buyer, you will probably have a picture in your mind of what your house should look like which is great, as long as you can afford it. However, even if you have the money to go for a more expensive house, do not base your decision solely on aesthetics. The house may be affordable to you and looks exactly like your dream home, but for example is located in the wrong area, you could end up losing in the end. If the features of the house that add to its cost are of no use to you, opt for a lower-priced dwelling without the unnessary add-ons.
2. Choosing the wrong real estate agent.
The one who charges the lowest fee is not always the best one. The agent who smiles all the time and agrees with everything you say is not exactly the ideal person to provide you with a sound advice. Interview agents and base your decision on how extensive their knowledge of the market is. Conduct a background research and look at their past deals and past clients. You are hiring them to give you good advice and they should be honest with you in all aspects of the agreement. As my motto notes "It's a matter of trust" and you should feel that you can trust your agent to do the best possible job for you.
3. Spending all your money on the house.
Try not to spend all your money, including your savings, into your home. It is always good to leave some funds available for emergencies. Purchase the house and if you still have money left, that is a great time to take care of any improvements or upgrades you want. But if you need to touch your retirement money or borrow from others to upgrade the home to make it look like your dream house, think twice before going in that direction. Save for the upgrades and work on them later. They will still be there later on.
4. Moving forward without professional advice and services.
You should not spend all your money on the house but you should also not be holding back when it comes to spending money on things that matter for example, a professional house inspector, a real estate lawyer and a real estate agent to name a few. They may cost you money but they may also save you money in the long run especially if it is your first time to buy a house. You are not saving money by not paying their fees and possibly setting yourself up for a potential major loss. Home buying is all about knowing which expenses you should prioritize and which ones you can do without.
If you'd like more information on buying a property, give me a call at (250) 305-7034 and we'll start the ball rolling in the right direction for you.