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Now that you've picked out the perfect property from amongst the thousands of Oakville homes on offer at any given time, you may think you can breathe a sigh of relief when in fact the hard work is just beginning. Financing and putting through the sale on your home is much more difficult than picking it out of the morass and many people are unable to make the transition smoothly on their own. To help keep you from falling into common pits buyers encounter accidentally during their trip to the finish line, we've created this article outlining some common mistakes buyers make.
Waiting on the market
Many people with an instinct for saving money feel that the best thing for them to do is use the same trick they use to save money in department stores: namely, wait for the price to come down. This often works with retail because there are many of the same items available for purchase, but if you try it with Brantford real estate there is a very good chance you will miss out on the property. Your dream home will belong to another couple who saw no reason to wait, and you'll have no one to blame for the loss but yourself.
Overstepping Your Credit
Your finances have to be in a certain state in order to qualify for a mortgage, and if you buy anything on credit (for example, taking a vacation on your VISA or financing the purchase of a new car) it changes your situation, sometimes severely enough to disqualify you. Therefore once you are approved for your mortgage on your Kleinburg real estate, do not purchase anything on credit until the sale goes through, period. Another place where buyers can run into financial trouble is in failing to check the utility bills or taxes they will have to pay on the new property, since the added costs can push a barely affordable home out of your price range.
Getting in Over Your Head
Sometimes buyers can be so psyched to find a home they can afford in Leslieville that they decide to take the home without looking too closely at what fixes are necessary to turn this "fixer upper" into a livable home. Home renovations can quickly spiral out of control in terms of both time and money, so have the home thoroughly inspected by your contractor and get price estimates on ALL repairs needed before you make your offer. You should also be able to separate the actual home from the previous owners' decor and make sure you're buying it because of the former rather than the latter.
Going It Alone
Many buyers have it in their heads that real estate agents and real estate lawyers don't have their best interests at heart. While this may be true of some, this is the reason why you should interview several before choosing. You should especially not attempt the legal paperwork on any Scarborough Bluffs homes yourself, because any mistakes you make can get you into serious trouble down the road.
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