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:
- Not hiring a professional real estate lawyer
- Buying a home for the wrong reasons
- 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.
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