1. Believing You Don't Need A Real Estate Agent
You might be able to find a house on your own through internet searches, or simply driving around neighbourhoods you like, but there are still many aspects of buying a home that can confuse a first-time buyer. An agent is key in helping you negotiate offers, handle inspections, financing and other details. The money you save by not using an agent can get quickly eaten up by a botched offer or overlooked repairs. Plus agents often have first access to the newest home listings that haven't shown up on MLS or the internet yet.
2. Setting Your Heart on a Home and Throwing Caution to the Wind
For many home buyers, you see a house that's amazing and you want it. No questions because it's the one for you. However, that residence might not be what it seems and you're more likely to overlook major problems or a larger price tag simply because you fell in love with it.
3. Selling Yourself Short for a Cheaper Home Needing Repairs
That old heritage or fixer-upper home you like might have plenty of future potential, but make sure you pay very close attention during the inspection and ask yourself how much it will really cost to get that older, cheaper home into respectable shape. If you love the home, you should negotiate a longer due-diligence time frame to get estimates from contractors in case you need to back out of the deal.
4. Buying Out of Your Price Range
This is a fairly common occurrence where you'll see a home that's more than your budget, but you fall in love with it. Don't dig into your savings or an emergency fund to help you cover the costs. If mortgage rates go up, you could be in trouble. Moreover, there are lots of additional costs like legal fees, getting a home inspection, property tax, home insurance, as well as utilities.
5. Choose a Home Without Researching the Community
You may have found your dream home, but annoying neighbours, planes flying over all the time, or a nearby industrial zone can quickly make your life miserable in that house. Spend time in the area before you make an offer and talk to local business owners and residents to determine the pros and cons of living there. Also check out the schools and make sure they are up to snuff and rate well.
If you have any questions about buying a home in Salmon Arm, email us any time.