Home Buying Blunders

An emotional time

Looking to buy a new home is a very emotional time. However making the largest investment of your life based on emotion is not a smart thing. Educating yourself about the entire home buying process can go a long way in ensuring that you have a stress-free experience.

The Fraser Valley real estate region offers a wide variety of homes to fit any budget. However, in the urge to buy one of these gorgeous homes, most people forget to do a few preliminary checks before taking the plunge. In this article, we try and uncover five common blunders most first home buyers make and provide tips to avoid them.

Not setting aside enough cash

This is by far the most common mistake made by first time home buyers. Most Fraser Valley real estate agents will tell you that there are plenty of expenses involved when you go about buying your home. Common expenses include property taxes, property transfer tax and special assessments, home/hazard insurance, utilities, maintenance, home owner association fees, if applicable.

Not enough research

The importance of doing a thorough amount of research before starting out on a first time home buying expedition cannot be underestimated; yet most buyers fail to adequately research the communities they are interested in. Drive around a few times through the neighbourhood that interests you, preferably at different times of the day. This will give you a good feel for the pulse of the neighbourhood. Visit the local schools that your kids would attend. If your child is in sports, talk to the coaches of the local teams. Try and determine if the new neighbourhood would be a comfortable place for your child to grow.

Not inspecting the property

Most buyers view home inspection as a mere formality and rely on the outward appearance of a home. However, a qualified inspector is trained to find defects that are not visible to the naked eye. Hiring a qualified inspector can save thousands in potential repairs down the road.

Avoid making major purchases

Making major purchases before you buy your new home will increase your “debt-to-income ratio” and it will affect the amount of loan you qualify for, or it would be difficult to get your loan approved because a huge debt may result in a higher interest rate on the loan.

Not having a Buyer's Agent

Most home buyers fail to have proper representation when buying a home. Most buyers call the listing agent directly, not realizing that a listing agent has no obligation to look out for their best interest. A Buyer's Agent who is familiar with the area is your best friend as you look towards buying your home. A Buyer's Agent's services are typically free to the buyers as the listing agent shares his or her commission with the Buyer's Agent.

By following these steps you can make your first time home buying experience a memorable and enjoyable one. Just a few simple precautions taken will ensure you have a home that you will love, cherish and always look forward coming back to!