Common First-Time Home Buyer Mistakes
1. They don’t ask enough questions of their lender and
end up missing out on the best deal.- lenders have posted rates but they often are able to lower rates
- the better your credit score, the better chance you have at getting the best rate
- rates arent' everything...ask about repayment options, mortgage portability, etc....
2. They don’t act quickly enough to make a decision and someone else buys the house.
- never buy a home you aren't sure you want, but if it meets your criteria, is priced at fair market value and is in
the location where you want to live, don't wait - put the offer in
3. They don’t find the right agent who’s willing to help them through the homebuying process.
- many home buyers try searching on their own and spend countless hours calling agent after agent and looking at
outdated ads on listings that are already sold. Realtors have access to databases with so much information, why not
use a trusted advisor in your largest purchase? Remember, the listing agent represents the seller, not the buyer.
4. They don’t do enough to make their offer look appealing to a seller.
- while price isn't everything, it it important. If it is a home you want, is priced fairly, don't lowball. You may lose out.
- other factors to consider are what closing dates the sellers are looking for, size of deposit, etc....
- the main factors for offers not being accepted are price, closing date and conditional on the sale of a buyer property
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
- remember, you will be selling this house again. Just because something may not be an issue for you (hydro corridor,
proximity to unappealing businesses, awkward floor plan, etc....) it may be for a future buyer
Please contact me today if you are considering purchasing a home! I know I can help....
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