5 Common Mistakes to Avoid for a First Time Home Buyer in British Columbia
Buying a home is a very exciting step in one’s life. There are many things that can go wrong during the home buying experience and you don’t want to have buyer’s remorse shortly after closing on your first home. It’s a good idea to be aware of the five more common mistakes so that you can rest assured that you are making the right decision.
Trying To Do It Alone
Many first time home buyers try to handle the purchase of their first home alone without the help of a real estate agent. In the long term, this will cost you hundreds if not thousands of dollars and can lead to various unforeseeable problems in the future. A real estate agent is beneficial to have because they can help you understand home inspector reports, contracts, and the logistics of financings. In addition, they are also able to negotiate offers that benefit you. While a real estate agent’s commission may seem high, the headache they save you from is priceless.
Not Doing An Inspection
Many times when a buyer finds their dream home, they don’t think rationally about the next steps. When a bidding war arises, it usually triggers panic mode, and this is when a buyer will lose the most money. They want to make their offer attractive to the seller so they think skipping out on the inspection will make them stand out from the others. However, while a home may look beautiful on the outside, there is a chance that it has some serious structural issues that the seller has not disclosed and without an inspection, you won’t know until the purchase has already been finalized. When researching agents, try to find one that includes home inspections in their fees. You should be wary of relying on a seller’s inspection unless they are working with a reputable real estate company.
Not Purchasing Mortgage Insurance
Not purchasing mortgage insurance leaves you vulnerable to potential debt and credit damage. Remember that your home is an investment, and it’s important to protect that investment. Mortgage insurance will offer you more flexibility in financing.
A Fixer-Upper Can Cost You
While the prices of fixer-uppers attract buyers, they can quickly turn into a money pit. When shopping for a fixer-upper, you should work with a real estate agent that is familiar with fixer-uppers as they will have the knowledge and experience of negotiating and gathering estimates from contractors.
Not Doing Adequate Research
More often than not, first time home buyers are not aware of the financial assistance and benefits they can receive from government assistant home-buyer programs.
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