6 Mistakes First-time Home Buyers Make

Posted by on Wednesday, July 1st, 2015 at 5:43am

Prime Edmonton Real Estate - Buying a house for the first time is a tedious process, the financial aspect is time consuming and also mentally draining.. However, if you are not careful enough, you may end up repenting living in a house that doesn't meet your expectations. Read on to know what mistakes people tend to make, which should be familiarized with before buying the house.

Following are the mistakes to avoid when buying the house:

  1. Relying only on one mortgage broker:

Mortgage payment may go on for many years, therefore, care should be taken that you choose your lender wisely. Talk to various lenders, find out the different types of loans available, study the rates and what affects them, and lastly, compare the fees charged by different brokers.

  1. Not doing an inspection before buying:

Often, ads on net make the property look good and perfect, but may skip over the nitty gritties of the place. There could be faulty fixtures and fittings, water leakage problems, and so on. Unless you inspect the actual property you won't know what issues may materialize later on triggering probable household flaws (for instance: roofing, plumbing or house siding problems).

  1. Not getting the deal done in writing:

Get your contract signed or maybe the seller may give away the deal to someone else with a better price. Also, many times the buyers expect certain things that come along with the house, only to realise that the seller has removed it. For example, curtains or bathtubs. Therefore, check and confirm what is included in the deal. If there is something you thought should be there, but isn't, talk it out with your seller and get the final deal on a hard copy.

  1. Taking too long to make a decision:

Don't let physical appearance like color or paint stop you from buying the house. You may have considered all the other details, and you like the deal. Still you do not like the paving of the driveway, don't let it discourage you from buying your dream home! Looks of a house can be worked out later. If you spend too much time being harried about the looks, someone else might buy that house.

  1. Making changes and updates instantly

People notice that they have a lot of old furniture in their new home and decide to immediately go out and buy everything new to match the house. This adds up to expenses. Once the house is yours, you can make any number of changes and updates you want, provided, you have the money to do so. Freshly bought houses still have mortgage payments on them and spending more on the looks of the house that is unwise.

  1. Letting emotions rule

Just because a house looks good, people may compromise on the distance from work, adding up to the travel costs. Also, when people are smitten by a house, they might find themselves offering a bid that far exceeds the true worth of the house, which makes for a bad investment. And, if you expose your infatuation to the seller or the seller's agent, they'll realize you'll be willing to overpay.

In short, be very practical about the overall aspects of the house before actually buying it. Your home should make you feel relaxed, not stressed out. With our guides, you can save yourself and enjoy your living space stress-free.

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