Buying a Home in Toronto? Avoid These Huge Home-Buying Mistakes!
Investing in a new home is a huge financial commitment that can cost you a lot of money if not properly done. You have to be wary of warning signs as well as avoid making rushed decisions. You’ll have to be prepared to do a lot of research and read articles like this that talk about mistakes when buying a home. Without further ado, here are huge home-buying mistakes that you should stay away from.
Waiting Until You’re Absolutely Sure that You’ve Found the Perfect House
There is no such thing as a perfect house. If you look hard enough, you’re bound to find something you do not like even when presented with amazing properties that tick all your requirements. If you can find a home that is great but might need a few tweaks, it will be worth considering that that home might be the best home for you.
Home Shopping Without an Agent
Although you can certainly go around your city or neighbourhood on your own to find a home, there is more to buying a home than just finding a nice property. Finding a property that you can afford, is good for your family, and in the right neighbourhood can take a lot of time. Why do all the hard work when it is possible to find low commission real estate agents in Toronto and other key Canadian cities who can save you time and effort?
Lowballing Homeowners
It is one thing to get a bargain and it is another thing to annoy and insult the homeowner of your desired property with a lowball offer. Try to make sure that your offer is still encouraging enough for the homeowner to respond with a counteroffer.
Setting an Unreasonable Budget
Real estate agents commissions in Toronto aside, understating your budget or setting an impossibly low one can turn away even understanding and fair realtors. Professional real estate agents and realtors want you to have the best home for your needs; but you also have to make sure that you’re not being a difficult client to cater for.
Go on Shopping Sprees Before Closing a House Deal
Your credit score plays a significant role in securing a good mortgage with a desirable interest rate. Refrain from making large purchases and damaging your credit score while you are house hunting for better chances of getting mortgage approval.
Not Considering Closing Costs
Buying a home is expensive. The fees associated with buying a home are expensive too. Closing costs vary between 2% to 7% of the purchase price for the home. If you’re buying in an expensive area like Toronto, sure you can find low commission real estate agents and low commission realtors, but you really have to think of covering for a lot of other fees.
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