For most of us, buying a home is the single biggest financial transaction we will make.
It’s exciting and fulfilling, but it can also be overwhelming, even downright frightening. The pitfalls are many but fortunately most are commonplace and we can tell you how to avoid them. Here’s a look at a few of the common mistakes made by home buyers (especially first time buyers).
Mistake #1: Confused Buyers – Don’t start looking before you figure out what you are looking for!
To avoid wasting time or regretting your choice later, satisfy your list of needs first and the wants last. The greatest view in the world is not likely to make up for not having enough bedrooms.
Mistake #2: Shortsighted Buyers – Don’t forget to factor in your FUTURE NEEDS!
Try to estimate your future needs as well as your immediate needs. Buying a home now that can accommodate a larger family, a home-based business or in-laws joining the family may be a better financial move than having to find a larger place in just a few years.
Mistake #3: Unrealistic Buyers – Figure out how much you can afford to pay BEFORE you start looking.
Determine what you can realistically afford to pay for a home, remembering that there is a numerous costs that you probably haven’t even considered. Factor in mortgage insurance, appraisal fees, inspection fees, transfer taxes, lawyer fees, provincial and federal taxes.
If looking at purchasing a home in Brooklin or anywhere in Ontario for that matter. Give me a call at The Mortgage Centre 905-425-1580.