Mistakes You Need To Avoid When Buying a Home

If you are buying your first home then these are the mistakes that you need to avoid:

Don’t … bust your budget. – Shopping for houses can make you a little giddy. Look at this one! And this one! For a little bit more, you could get granite countertops, plus an office nook! You’re dealing with such large numbers when you’re browsing real estate that it might not seem like such a huge deal to stretch another $10,000 or $15,000 to get the home you really love. But that’s not a game you want to play. “People look at the top end of their affordable monthly payment, and they don’t really think about what happens if their income goes down or they have to change jobs,” says Derrick. Source: Forbes

Never underestimate the costs involved in buying a property – Remember to budget in the following when settling your finances.

  • Building and pest reports
  • Valuation costs
  • Application fee
  • Solicitor’s costs
  • Stamp duty on properties and mortgage (Australia)
  • Transfer fees
  • Council rates

Source: Wikihow

Not getting pre-approved – After you’ve assessed your credit report, it’s time to establish with a qualified lender how much you can afford. “First-time home buyers need to take the time to get an approval from their lender before looking at homes,” advises Ray Boss Jr., a seven-year licensed Realtor with RE/MAX Realty Group in Maryland. “This includes getting a credit check and giving their lender a copy of W-2s, pay stubs, and bank and brokerage statements.” Getting pre-approved can help you save time by looking for homes that you know you can afford instead of lusting after something out of your price range. And it will put you in a better position over another bidder with no pre-approval. Source: US News

Ian Klepsch – Duncan BC Realtor
2610 Beverly St Duncan, BC V9L 5C7‎
+1 855-710-0011