Buying Selling Real Estate Hamilton Ontario
Ada Greatrix
Realty Network:100 Inc., Brokerage
Sales Representative
Ada Greatrix
10 Mistakes buyers make when purchasing a home:
The following ten tips should help you when purchasing a home and help protect yourself from these common pitfalls. If you require further details on any of the information below or anything that I haven't included please don't hesitate to contact me anytime and I'll gladly assist you with any of your real estate needs or questions.
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Making an offer on a home without being pre-qualified.
Pre-qualification will make your life easier - so take the time to speak with a bank or mortgage representative. Their specific questions in regard to income, debt, etc., will help you determine the price range you can afford. It is an important step on the path to home ownership.
Not having a home inspection.
Trying to save money today can end up costing your tomorrow. A qualified home inspector will detect issues that many buyers can overlook.
Limiting your search to open houses, ads or the internet.
Many homes listed in magazines or on the internet have already been sold. Your best course of action is to contact a Realtor. They have the up to date information that is unavailable to the general public and are the best resource to help you find the home you want.
Choosing the right Agent who is committed to forming a strong business relationship with you.
Making a connection with the right Realtor is crucial. Choose a professional who is dedicated to serving your needs before, during and after the sale.
04
Thinking there is only one perfect house out there.
Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your Realtor for a comparative market analysis. This compares similar homes that have recently sold, or are still for sale.
05
Not considering long term needs.
It is important to think ahead. Will the home suit your needs 3 -5 years from now?
Not examining insurance issues.
Purchase adequate home owner insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.
Not buying a home protection plan.
This is essentially a mini insurance policy that covers basic repairs you may encounter and can be purchased for a nominal annual fee. Talk to your agent to help you find the protections plan you need.
Not knowing the costs involved.
Early in the buying process ask your Realtor or Mortgage representative for an estimate of closing costs. Title insurance and lawyers’ fees should be considered and many pre-pay responsibilities like property taxes and fuel adjustments must also be taken into account.
Not following through on due dilligence.
Buyers should make a list of any concerns they have relating to issues such as; crime, 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.