Three Mistakes to Avoid if You’re a First Time Home Buyer

By Donna Maguire | | Categories: Home Buyers , Home Sellers , Property Listings , Real Estate Market Updates

Three Mistakes to Avoid if You’re a First Time Home Buyer

A house is more than a just a home. It is a long-term financial investment and making mistakes while buying a home, could result in irreparable losses. Home buyers, who are lured by offers, discounts, and freebies, tend to forget their actual requirement and hence, can make mistakes.

The three common mistakes below can easily be avoided, making the process simpler, less stressful and resulting in the right home for you, with no surprises!

Not getting a full mortgage pre-approval before starting the process. A complete mortgage pre-approval includes a credit check and all documentation to support income as well as a locked-in interest rate. Many buyers chat with their lender, receive a mortgage amount that they should be able to qualify for, but if the background work is not performed there may be an unpleasant surprise when expecting the mortgage to be approved. Errors on credit reports or if a buyer forgets to mention student loans are just two of the many other little details, which can sometimes result in not being able to fulfill the conditions of your dream home purchase. If your interest rate was not locked-in and rates rise that could cost you thousands of extra dollars over the term of your mortgage.

Getting fooled by the beautiful decor. When you are buying a home, you must keep in mind that most furniture and decorating items leave with the seller. It's easy to be captivated with a home that is beautifully presented, however looking at the major components, windows, roof, heating, cooling, and location are more important than cosmetics which can be easily updated.

Working with a Realtor that you don't connect with. You need to feel that your Realtor is working for your best interest and that they have your back. They should be attentive to what it is important to you and very responsive. We are currently in a seller’s market in most neighborhoods in Ottawa and a delay of a day or two in viewing a property could mean it gets sold to someone else.

To help you figure out what to look out for and what to avoid when buying a home in the Ottawa region get in touch with Donna Maguire. Whether you’re a first-time home buyer, moving to a bigger or smaller home or transitioning into retirement, she is dedicated to making your real estate experience both informed and as stress-free as possible. If you have any questions about Donna Maguire, contact her here.