6 Mistakes for Home Buyers to Avoid

Whether you're a first-time home buyer breaking into the market or a seasoned buyer, you want the purchase of a home to go smoothly.

But there are many potential mistakes buyers make during the process. Here are some of the most common mistakes and how to avoid them.

Here as 6 Mistakes for Home Buyers to Avoid.

Mistake 1. Failing to Research.

When you buy a home, you're not just buying a property – you're also investing in the surrounding neighbourhood and community. So before you start house hunting, it's important to do your research and figure out which area is the right fit for you. Consider things like the commute to work, the available schools, crime rates, and the general feel of the neighbourhood.

Mistake 2. Not Hiring the Right Agent.

Working with an experienced agent who knows the ins and outs of the home-buying process can save you time, money and headaches.

Your agent will be able to negotiate on your behalf, help you navigate the paperwork and be there to answer any questions you have along the way.

Mistake 3. Not Knowing Your Credit Score.

Credit score is one of the most important factors in getting pre-approved and getting a good interest rate for a mortgage. You can check your credit report for free through a credit reporting agency like Equifax immediately if home buying is on your horizon. You’ll need time to build your score up if it’s low. This way you can correct any errors and improve your score as much as possible.

Check out our blog here on how to check your free credit report: https://bit.ly/FreeCreditReportCanada.

And while we're on the topic of pre-approval...

Mistake 4. No Pre-Approval.

Many buyers make the mistake of finding their dream home before they know how much they can afford to spend. Getting pre-approved for a mortgage will help you know your budget and avoid falling in love with a home you can't afford.

Mistake 5. Not Getting a Home Inspection.

A home inspection is an important condition to include in your offer. Yet many buyers skip it in order to save money. Or they might skip a home inspection condition to make their offer more competitive during a seller's market.

But a professional home inspector can spot potential problems with the property that you may not be able to see. And if there are any major repairs needed, you can negotiate with the seller to have them taken care of before you close on the home.

Mistake 6. Holding Out for the "Perfect" Deal.

Before you even start the hunt for a home, go in understanding that no home is flawless and you might not get everything on your wish list during a home search. And in a hot seller's market, homes are selling quickly and for close to the asking price.

Waiting around for the perfect home may meaning missing out on a lot of great ones. You may have to act fast if you find a property you like. If you wait around too long, someone else may snatch up the home before you have a chance to make an offer.

Check out Sean's video on what to include in your Wish List.