Deadly Mistake #1 - Thinking you can't afford it
Buying a house is the smartest financial decision you will ever make. In fact, most Canadian homeowners would be financially broke at retirement if it weren't for the equity in their home. Furthermore, mortgage rates are at a historic low, providing an even greater incentive to those sitting on the fence.
Real estate values have always risen steadily over the long term, despite dips like we are seeing now. This means that every month when you make a mortgage payment the amount you owe on the home goes down and the value typically increases. This owe less-worth more situation is called equity build-up and is the reason you can't afford not to buy.
Even if you have little money for a down payment or have credit problems, chances are that you can still buy that house or condo. It just comes down to knowing the right strategies and working with the right people.
Deadly Mistake #2 - Not hiring a top-notch real estate agent to represent you
Buying property is a complex and stressful task. In fact, it is often the biggest single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures, and competition from other buyers have made the role of the real estate agent more important than ever before.
For homebuyers who go it alone, the process can turn into a terrible, stressful ordeal. In addition, making the wrong decision can end up costing you thousands of dollars. It does not have to be this way!
Work with a real estate agent who has a keen understanding of the real estate business and who is on your side. Real Estate agents have a fiduciary duty to you. That means they are loyal to only you and are obligated to look out for your best interests. They can help you find the best home, the best lender (or mortgage broker), and the best inspector. Best of all, when you buy the buyer's agent is paid out of the seller's commission, even though he/she works for you.
Deadly Mistake #3 - Not getting a home inspection and environmental tests
Buying a home is probably the most expensive purchase you will ever make so this is no time to drop your guard and try to save money by skipping the home inspection and environmental testing.
A home inspector is a certified professional hired to evaluate all of your home’s major systems and components and their report – highlighting the home’s deficiencies – can be a valuable tool in the home buying and bargaining process.
Nowadays, you can never be sure that property disclosure documents list all of the property’s past problems. You certainly don’t want to move into a home and have unforeseen damages arise. As an added service most home inspectors will also test for environmental conditions that could make hour home purchase both unhealthy and unsafe. This includes testing for radon gas, allergy inducing mold, and wood destroying inspects.
So, don’t delay! Get the C4U Eyes looking for you.
Need more information and have questions? Contact C4U Inspections today