While there are undoubtedly countless potential pitfalls home buyers could make while hunting for their next home, it's best to take care of the big ones and then let your Realtor take care of the nitty gritty details. You can only be expected to focus on certain aspects of the process, as you're ultimately trying to find the home that fits your needs and wants as much as possible.
Here are 5 house hunting mistakes that everyone could potentially make if they're not aware of them. As you know, a little knowledge can go a long way in a real estate situation, so be sure to take these things into account going forward.
1. Falling in Love with a House You Can't Afford
It's easy to become smitten with a home that you cannot possibly afford, because, well, you can't afford it! Those little extras cost money, and they really do make the difference between what's affordable and what isn't. That lovely oversized yard, professional-grade appliances and private street are nice to have, but if these homes aren't in your budget you should do yourself a favour and avoid even looking at them. You're only going to drive yourself crazy!
Only look at homes in your price range, beginning with the low end of the spectrum. This way if you find something you like, you won't be thinking to yourself "maybe I can find it cheaper". You'll be ready to put an offer in and get the process rolling.
2. Assuming There's Nothing Better Out There
Avoid being hasty when it comes to putting in an offer. Odds are that there are several homes that meet all of your criteria, so be sure to look at a few of them to get an idea of how they compare. Seeing as most homes in Oakville and Burlington are built in subdivisions by the same builder, you're going to see many similar homes with only subtle differences resulting in changes in list prices.
Sometimes we can get so excited about a home that we overlook snags such as repair issues, inflexible list price, or possession dates that we told ourselves we wouldn't consider. It's best to remember what we're ultimately looking for, and moving on when we see homes that just don't fit.
3. Overestimating Your Handyman Skills
It's crucial to honestly evaluation your handyman abilities, and also realize that the jobs you want to undertake are going to take longer than anticipated (they always do!). There are certain jobs that make sense to do yourself and certain jobs that don't. Make sure you put a lot of thought into this and understand that most home renovations cost a lot of money in materials, and will take up a lot of your time.
4. Rushing to Put in an Offer
This could be #1 on the list, because it's human nature to try and snatch something up before others get their hands on it. When it comes to buying a home, this could be a very expensive mistake. It's advised to at least sleep on the decision for at least one night, reevaluating the home in the morning when you've had some time to process everything. In addition, what you thought were minor details (not in exactly the neighbourhood you wanted, noise coming from a nearby railroad, etc.) might end up sticking in your mind. Be certain that the home you put an offer in on is the one you really want.
5. Offering Too Much
These days it seems like many realtors list their homes for under market value in an attempt to spur a bidding war amongst buyers. Many people will try to avoid or pre-empt a bidding war by offering way over the list price. This is dangerous territory, as you really don't know the agents motive for setting the price. There could be problems with the home that you don't notice at the outset, so be wary when dealing with "too good to be true" listings.
Thanks very much for reading. As always, if you would like to discuss your current real estate situation, I would love to offer my expert knowledge of the Oakville and Burlington markets. I will also show you how my exceptional marketing plan will help you get more money for your home and also make it sell faster. You can reach me at 905 845 9180, or by email at email@example.com.
Century 21 Miller Real Estate Ltd, Brokerage
Independently Owned and Operated
905 845 9180