Shopping around for new homes is an enjoyable process for most buyers, so long as they are informed and prepared prior to jumping into their search. It’s a very emotional process, and there are many potential mistakes that first time home buyers unwillingly walk into. Ensuring that you make the most rational decision when buying a house is important considering the long-term implications that a house purchase has on your life.
A financial decision versus an emotional one
Getting pre-approved for a mortgage is an important step when buying your first home. Make sure you’re aware of the difference between a pre-qualification and a pre-approval as they sound pretty similar but are quite different. The pre-qualification is the first step in your mortgage application process while The pre-approval is a more rigorous process. Relying on the pre-qualification when shopping for your new home can be harmful later on when you aren’t actually approved for the mortgage you expect.
Your best bet is to get your mortgage pre-approval prior to house shopping. Avoid falling in love with a house you can’t afford and make the financial decision rather than an emotional one.
Making assumptions and losing patience
Chances are you’ll find a house that you love and will want to call home. Unfortunately, it doesn’t always work out, and many times first time home buyers will make the assumption that there’s nothing better out there. Remember that most neighbourhoods tend to have multiple homes that are the same model, and if you can’t find one that is similar to your dream home, there are tons of houses out there that can still meet your needs.
There’s also the concern that after a while of searching and not finding anything, or even getting outbid on the houses you do want, you can become desperate to ditch the home buying process and settle into a home. Buying a house isn’t a walk in the park, and shouldn’t be a race either. Avoid losing patience as it could result in you moving into a house that you’ll end up hating.
Buying a house in need of too many repairs
Be sure to consider the time, money, and ability needed for repairs prior to committing to your new house. When buying a home, the amount of work needed is often underestimated, and if you don’t realize until after the purchase that you can’t carry out the repairs and upgrades alone, you may be looking at twice the cost for assistance (which may not be factored into your budget). With new houses on the market every day, it’s ok to wait for a better one if the current one is too flawed.
Let the best real estate agents in Niagara show you how to buy a house while avoiding common mistakes. Team Davids has a solid grasp on the Niagara housing market along with the buying and selling experience that makes any real estate experience an easy one for our clients.