Common Mistakes Made By First Time Home Buyers
Homeownership gives a sense of pride to all of us. However, deciding to buy a house can be overwhelming when you are a first time home buyer and are unsure about the purchasing procedures. Therefore it’s best to hire professionals who can assist you with the requirements of your home-buying journey.
Professionals like mortgage brokers and real estate agents will guide you step by step and help you avoid some common mistakes while buying a home. They will keep in mind your interests and help you make rational choices. To help you avoid committing basic errors that could prove costly, Angela Milosevic has put together a list of common mistakes first time home buyers make when buying a home and how to avoid them.
1. Assuming affordability
Letting your emotions run through by falling in love with a home before knowing you can afford it can cost you money and stress. To help you put a clamp on your spending, start with looking for homes at a lower price range.
2. Not hiring a real estate agent
Skipping to hire a real estate agent is the most common mistake as many details go into buying a house. A real estate agent will be a go-to resource person who will work in your best interest and make sure to cover all aspects of the property.
3. Not researching on real estate agents
After deciding to go with a real estate agent, you often go with the first agent that approaches you. It is essential to spend a sufficient amount of time and research on an agent who matches your preferences before you start house hunting.
4. Committing to more than you can afford
Sometimes not taking into account the utilities and upkeep cost can come as a huge financial shock. It’s advisable not to purchase more than you can afford as you might end up digging yourself into a big financial hole.
5. Not utilizing a mortgage broker
Another common mistake is not using a mortgage broker. It’s essential to
have a mortgage expert who has access to all major banks, along with many
other lending institutions.
To help you avoid committing the usual first-time homebuyer’s mistakes and similar ones, reach out to Angela Milosevic. I am a professional mortgage broker in Cambridge, ON, with over twelve years of experience in the mortgage industry.
I offer my clients reliable advice and match them with the best mortgage rates and regular updates regarding market conditions. For a complete list of my mortgage services, please click here. If you need expert advice on homeownership, I’d love to hear from you. Please contact me here.