Posted 8.29.18 @ 0:0
Buying a home is certainly one of the biggest financial decisions one can make and can’t afford to make a mistake on. Unfortunately, many home buyers are not aware that buying a home isn’t as easy as having the money to close a deal. Sometimes agreements are broken, the home isn’t as what was said it was, and a lot of other issues can come up, making it more important to avoid self-sabotage by refraining from committing these mistakes we’re sharing when buying a home.
Doing Everything On Your Own
Going for a direct sale seems like a smart decision until you realize that the home buying process involves a lot of paperwork and possible pitfalls. Even if the home seller isn’t trying to be less than honest with the home selling process, forgetting to cover a few key details in the agreement can mean a lot of wasted time and money down the road. Buying a home from a real estate agent will save you your agent’s fees because the fees are covered by the seller but you’ll still be getting peace of mind and dealing with a lot less paperwork that you have to take care of.
Letting Your Aces Out of the Bag
The things that you say during the negotiation process can haunt you back. If the seller overhears that you’re willing to do anything to get the home, you might get a price increase. Keep a poker face just to be on the safe side.
Not Paying Attention to Details
Property disclosures are there for a reason. They help you get to know a property before finalizing a sale and helps you get ready to face the issues the house has, no matter how small. A “leak in the basement wall” can mean foundation issues that are not only expensive to fix, they’re a real recurring issue too. This doesn’t mean that you need to say goodbye to homes with possible issues, it means that you can use possible issues as bargaining chips so that you’re at least covered should related issues arise in the future.
Not Being Fast Enough
You don’t want to make rushed decisions but at the same time, you wouldn’t want to dawdle too much more so if you’re trying to buy a home in a sought-after neighbourhood. Waiting just a day or two to make your earnest money deposit may be okay but waiting to cut it until the very last minute can mean forfeiting your chance to own your dream home should a money problem develop right on your deadline.
Sabotaging Your Credit Score
If you’re buying your home on a mortgage or a loan, you want your credit score and record to be as impeccable as possible to make sure that you get approved. This means that you shouldn’t be buying a huge purchase around this time at this action can damage your credit score and can result in you not getting approved for a mortgage.
Thinking A verbal Agreement is Enough
If a home seller says that you can buy the home for $100,000 less, do not rejoice yet unless that detail has been put into writing. Even when a home seller says that a home is reserved for you and they’ll not be entertaining other buyers, it isn’t yours until the right paperwork has been filed and initial payments are done.
Don’t want to make home buying mistakes? Buy from trusted real estate agents and avoid home buying mistakes altogether! Find an Oakville luxury home from our list and let us know when you’re ready for a viewing by contacting us.