Buying a home is an exciting experience but can also be complex and daunting. As a buyer you want the process to be smooth, with minimal stress. Our job as Realtors is to make the transaction as easy as possible, by assisting our clients and guiding them through every stage.
That being said there are still some common mistakes that buyers make, so we’re here to educate you so that you are as prepared as possible:
Giving in to emotions
It can be very easy to let your emotions get the better of you when looking for a home. It’s very common to fall in love with a property on first viewing, but it is important to remain objective and still carry out all the necessary research to ensure that it is the best purchase for you.
Weigh up all the pros and cons, and never look over a potential downside just because you like the look of the property. Take a step back and always think objectively to ensure that it is the right decision and not an emotional decision.
Spending more than you can afford
Believe it or not, this is a very common mistake and one that you may not think about when you start the process. When you’re house hunting it’s very easy to get carried away and look at properties outside of your budget for just “a little bit more”.
The issue is most of us are already searching at the top end of our budget, and when dealing with such large numbers it doesn’t sound like a big deal to stretch to an extra $10,000 or so. However, when you’re already at the top of your budget this can have a huge impact on your monthly payments.
To ensure you remain strict, get pre-approved for a mortgage and stick to your designated budget!
Not getting a home inspection
A house inspection can often be the difference between your what you thought was your dream home, and a money pit in need of huge repairs. It is incredible the number of people who skip a home inspection.
For such an affordable cost (typically $300-$800) they are worth every penny. Most people cannot spot typical danger signs that a house is in need of repair, but an inspector can tell you exactly what state your potential home is in.
Not hiring a real estate agent
With the amount of information available online these days, it can be tempting not to hire a real estate agent. However, they will more than pay for their fee in the savings they will provide through negotiation and preventing costly mistakes.
They can provide you with a much wider range of properties, find listings before they hit the market, and guide you through every stage of the transaction. Do your research and find an agent that is right for you and truly understands your needs and wants.
Not budgeting for fees and costs
When creating your budget it’s important to factor in all potential fees and costs. It’s more than just your down payment. There are closing costs, legal fees, taxes, insurance, and more.
Research in advance just how much you need to set aside to ensure you have created the most accurate budget and can begin looking for properties.
Not getting everything in writing
When it comes to such a big transaction it’s important to get everything in writing. You wouldn’t be the first to assume that things such as kitchen appliances come with the deal, only to discover they’re gone on your final walkthrough.
Common points of contention that you may not be aware of include window treatments, hot tubs, light fixtures, showers/baths, and big appliances.
Not researching the area
When looking for a property you can often end up solely focussing on the house and when looking at so many listings it can be easy to forget about the location and the neighbourhood.
Consider spending a couple of days in the area to get a feel for it and ensure that it is right for you, especially if you are moving further afield and there is a commute involved.
If you have any questions about buying a property in Squamish, our agents can help you with everything you need!