Having seen many home buyers make crutial mistakes with the purchase of their home, I have compiled a list of what I believe are the 10 dumbest mistakes home buyers make. In last weeks blog, I went over the first 5 mistakes. As promised, here are the remaining 5 dumbest mistakes home buyers make when purchasing a home.
6. Not considering long term needs.
It is important to think ahead. Will the home suit your needs 3-5 years from now?
7. Not examining insurance issues.
Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.
8. Not knowing total costs involved.
Early in the buying process, ask your Realtor or lender for an estimate of closing costs, such as lawyer/notary, property purchase tax, GST, inspection fees, insurance and mortgage fees. Remember to examine your statement of adjustment prior to closing.
9. Not following through on due diligence.
Buyers should make a list of any concerns they have relating to issues such as; schools, power lines, neighbours, environmental conditions, etc. Ask the important questions before you make an offer on a home. Be diligent so that you can have confidence in your purchase.
10. Trying to make a shrewd investment/ Timing the market
When you are buying a home to live, you should focus on the enjoyment of your home and what fits your needs. When you decide to upgrade or downgrade in the future, you sell and buy in the same market, whether a boom or bust cycle. Your Realtor can be your guide to make sure you find the right house at the right price.