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Three Mistakes People Make When Buying a Home

buying house richmondhill

Buying a new home is a huge life decision. It can be a very rewarding endeavor, but buying a house can also be extremely stressful and challenging.

Whether you are buying your first home or your fifth, there are several common mistakes people make when committing to a new residence. Mistakes that can be avoided by taking the proper precautions and planning efficiently.

3 Common Mistakes Home Buyers Make

For most people, buying a house is the biggest financial transaction they have made in their lives to date. In a lot of cases, it will be the most financially impactful decision a person ever makes.

No pressure, right?

The good news is that these typical mistakes can be avoided with good planning and careful research. Looking at the mistakes that others have made in a similar situation is a good way to prevent it from happening to you.

Three very common mistakes that people make when buying a new home are:

  1. Not hiring a professional real estate lawyer
  2. Buying a home for the wrong reasons
  3. Not having an accurate financial picture

Professional Real Estate Lawyer

The real estate market these days is a volatile one, and without the right expert advice it is easy to make a disastrous error when committing to a new home.

Real estate prices are continually on the rise, but that has done nothing to curtail competition for prospective house buyers. Due to this heavy competition, real estate sales can quickly escalate to a bidding war.

If you are stuck in a bidding war for a house you are interested in, you may have to make a snap decision or the house will be lost to you. That is a split-second decision that can affect your entire future.

Wouldn’t you feel more comfortable having an expert in your corner that can help you make informed, smart decisions?

For home buyers in Toronto, Richmond Hill, and the rest of the GTA, the services of Seif Law Firm can help with those difficult decisions by making sure you are fully prepared before making a purchase.

Reasons to Buy a Home

Some people get caught up and carried away with emotion when deciding on a house to buy.

It may happen that you have found your dream house, but it is a little more expensive than your budget allows. Some may get impulsive in this situation, going for immediate satisfaction, and pulling the trigger on the purchase.

The problem there is not considering the increased financial burden this will cause over the next 30 or so years.

Making a list of your priorities and the most important features you want in a house can narrow the field of what you are looking for.

Accurate Finances

Another huge mistake people make when buying a new house is failing to properly assess all the associated costs.

This is a great example of why a professional real estate lawyer is crucial to getting it right.

The experts at Seif Law Firm can help with:

  • Deposit percentages – a bigger down payment means a more manageable mortgage
  • Repayment buffers – how to deal with increased interest rates
  • Qualifying for a loan – it is important to keep your credit status stable after applying
  • Seeing if you qualify for government home buyer’s programs
  • Mortgage preapproval
  • Figuring out closing costs

 

How Can a Real Estate Lawyer Help You Buy a New Home?

buy a new house

If you are in the market for buying a new home, then you are likely already aware of what a demanding and complicated process it can be.

On one hand, you want something that meets your immediate needs. You want to live in the right neighborhood and find a home that suits your current lifestyle.

On the other hand, you also want to find a house that will be a good investment many years down the road. It is not always easy to satisfy both these requirements.

An experienced real estate lawyer can help ensure the home you are about to buy will comply with both your short-term and long-term goals.

Seif Law Firm

Seif Law Firm is comprised of a team of experienced legal professionals, including lawyers, law clerks, and legal assistants.

The Seif Law team utilizes all of its members, calling upon specific expertise, to make sure every client gets the consideration and results they are looking for.

With law offices in Toronto and Richmond Hill, Seif Law Firm has been servicing the GTA with real estate expertise and advice for many years.

There is a multitude of advantages to be gained from enlisting the legal real estate services of Seif Law Firm.

Some of the benefits are:

  • Attention to detail
  • Caring and compassion
  • Language diversity
  • Abundant experience

Attention to Detail

This may be the greatest advantage of hiring Seif Law Firm to review and assess any financial real estate transactions.

Real estate contracts can be extremely lengthy and intricate. If you don’t know what to pay attention to, it is easy to overlook important details.

Save yourself the stress and worry by having a professional real estate lawyer take care of the contracts.

The experts at Seif Law will pore over every detail to make sure there are no unfavorable surprises.

Caring and Compassion

The staff at Seif Law are completely aware of what a stressful time buying a new home can be. Therefore, every client is recognized as a unique individual with specific needs.

You will never be treated like just another case file at Seif Law.

Language Diversity

The GTA is a multicultural hub with residents from all over the world. The professionals at Seif Law are prepared to accommodate clients with a wide range of languages, including English, Spanish, Farsi, Punjabi, Urdu, Chinese, Russian, and more.

Abundant Experience

All of the lawyers, clerks, and legal assistants are fully qualified and experienced in real estate law.

Experience goes a long way to help prevent unexpected costs and to make sure you get the best deal possible.

How Can a Real Estate Lawyer Help Buy a New Home?

There are all kinds of ways a real estate lawyer can help you when you are interested in buying a new home.

Many prospective home buyers only think to include a real estate lawyer once the purchase has been made and it is time to look over the contract.

However, a good real estate lawyer is helpful for every step of the process, especially in today’s competitive market.

Some of the biggest ways a real estate lawyer can benefit you are by:

  • Spotting potential problems and red flags early on in the negotiation
  • Finding issues that would be overlooked by the average home buyer
  • Reviewing your contracts with professional expertise
  • Addressing complex issues within the contract
  • Perform Title Search to make sure there are no Liens (a person entitled to the property due to outstanding debt)
  • Handling the closing effectively
    • Preparing closing documents
    • Making sure all outstanding balances, utilities, and insurance are taken care of
    • Making sure the Title changes hands properly
    • Preparing a closing statement

As you can plainly see, there is a lot of paperwork and legal issues to be concerned with when buying a new house.

Ease your stress and focus on your goals with the assistance of Seif Law Firm.