Five Common Mistakes That Home Buyers Make

Wednesday Aug 30th, 2017


Buying your first home (or your second, third or fourth) can be an exciting and memorable time in your life, but it can also be intimidating. After all, a home purchase is likely the largest investment you will ever make. You want to ensure your decision that is not only smart, but sound. 

That’s why you should always hire an experienced realtor – one you can trust to guide you along the best possible path towards homeownership, so you don't take any missteps along the way.

To help make the home buying process smoother for you, I’ve compiled a list of the top five mistakes that home buyers typically make:

Mistake #1: Not knowing how much they can afford before making an offer
The best way to avoid this is to get pre-approved for a mortgage, so you know exactly how much you can afford. To learn more, please read How Much House Can You Afford? 

Mistake #2: Not knowing who the agent represents
Unless you’ve hired an agent to work specifically for you as your buyer representative, it’s safe to assume that the seller’s agent represents them. Many people don't realize this. To learn more about the benefits of working with a buyer agent, please read 7 Reasons to Hire a Buyer’s Agent in Mississauga.

Mistake #3: Choosing the wrong mortgage
A bad mortgage can cost you thousands of dollars in taxes and interest. Rather than accept the first mortgage that you are offered, shop around. A mortgage broker is a fantastic resource. To learn more, please read Serious About Buying a Home? Get Pre-Approved First.

Mistake #4: Foregoing an inspection 
You should always hire a professional inspector to assess a home before you buy it; otherwise, you could be looking at huge repair costs down the road. For more information, as well as other great tips, please read 5 Smart Strategies for Home Buyers in Mississauga.

Mistake #5: Not understanding how your finances impact buying a home
Before you purchase a property, it’s always wise to meet with your mortgage professional to have them go over and prepare your credit file. This added step can help you avoid disappointment come purchase time. It’s also wise to know about the associated costs involved with moving. To learn more, please read Buying a Home? Don’t Forget About These Additional Costs.

Want to learn more? As an experienced realtor serving Mississauga and the Greater Toronto Area, I’ve had the pleasure of assisting hundreds of buyers to find their next home. Together, I can help you navigate the highly competitive market to not only find the perfect property, but one that is a sound investment. For more information, please feel free to contact me here.

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