Whether it’s your first time or you’ve been through it before, purchasing a home is exciting. The opportunity to help buyers succeed is part of the reason we love what we do! Unfortunately, we know that not every home hunter has a wonderful experience. It’s all-too-easy to make a mistake—one that could lead to stress, wasted funds, and even long-term regret. The good news? By knowing what not to do, you can help ensure that your purchase is a success.
If you’re preparing to buy a home, here are five common mistakes you should avoid…
1) Not budgeting thoroughly
There are few things as disheartening as falling in love with a home you can’t afford. Unfortunately, it happens. The best way to avoid this outcome is by settling on the right price range—one that takes all of your ongoing expenses into account.
As a rule, homeowners should spend no more than 35 per cent of their monthly income on housing expenses. That includes mortgage payments, along with other regularly-occurring costs (like utilities and insurance). Once you see the complete financial picture, you’ll be better equipped to set a realistic budget!
2) Being unprepared to act
In a hot market, you have to act fast. Failing to do so could mean the difference between securing your dream home, and losing out to another buyer. That’s why it’s so important to ensure that you’re fully prepared to make an offer.
One of the first steps is obtaining mortgage pre-approval from a lender. Trust us when we say, that piece of paper means a lot to most sellers. It shows you’re serious about (and financially prepared for) your purchase. Once you’re pre-approved, it’s a matter of keeping your finances in order—so hold off on the big purchases and new lines of credit.
3) Jumping the gun
While you don’t want to take too long to get your ducks in a row, you should also avoid making a hasty purchase. A home is a major investment—it may even be the biggest one you make in your life. The last thing you want is to wind up regretting your decision.
Our advice? Don’t lose sight of what you want—and what you need. Keep your home-buying criteria at the forefront of your mind while you search, and work with an agent who will help you perform your due diligence.
4) Focusing on the wrong things
Falling in love with the way a home is set up is an all-too-common misstep. From antique end tables to decorative throw pillows, staging is meant to help buyers see the potential in a property. But when you move in, it’s going to be your furniture and decor that surrounds you every day.
To get a true sense of whether a home will be the right fit, focus on what matters. Layout, square footage, architectural style—these are the things that aren’t going to change.
5) Being unwilling to compromise
When we say we want you to wind up in your dream home, we mean it. Having said that, no property is perfect. No matter the living space, there’s bound to be room for at least a little improvement. In other words, try to be a little bit flexible!
Speaking of compromise, you should embrace it during negotiations. It goes without saying that you want the best possible price, terms, and conditions—and your agent is there to help you secure them. But remembering that there are two sides to every transaction can lead to a smoother purchase process, and a better outcome all around!
Ready to find your dream home? We understand the process, and what you should expect. Get in touch to get started!
