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Seeking to buy a home is very challenging task, especially if it is first time of yours. Though it seems exciting in the first stage, it brings lots of complexities as much as you go further. Since this might be the biggest monetary decision of your life, there are many badly prepared home seekers in the market who are not sure about making a good decision. Well, it’s not their fault. However, the system is made against them and lots of benefits are in favor of the seller here. So, learn the biggest lesson of your life from these most common mistakes of home buyers. 1.Not being fully prepared and not making extensive research: First of all, know about the budget and fiscal needs of your family. An intelligent home buyer always analyzes assets, decipher debts and get ready again for the house hunt. Remember you are not buying only a house, but the location with this house. So try to know about neighborhood also. Check out oncoming zoning issues, traffic system, transport facilities, crime rate, and the quality of education in nearest schools. 2.Selecting wrong mortgage: Get your mortgage pre-approved before hunting your house if you want to stay in good negotiating position. Fix an amount of loan you can afford, check the interest rate and use mortgage calculator on bank’s website so that you can assume the burden accurately. 3.Expecting the price will come down: Well, this is a big gambling for the future of homebuyer’s family. So don’t be too subjective by the market. At the same time, the mixed reviews from media may often confuse the home buyers to make this big decision. Delaying the process of buying may prove expensive for you in future. So, if you have organized finance and you are assured about current and future needs, then you should go ahead with your decision. 4.Spending more than budget: This is human psychology that we always need more than we have and we can. The same situation fits best with buying home. We have limited budget and we mostly love the home which is beyond our budget and derail finances in future. In this way, the banks fix the borrowing limit as per the ability of loan repayment by the borrower. So don’t spend too much than your affordability in order to avoid future surprises of higher interest rates. 5.Falling in love with any house: Don’t react if you love any house to be your dream house. Agents are experts in face reading and they can take benefits of negotiation. A smart home buyer knows there are lots of houses of same kind out there. If the house is not available at reasonable price, then move on! 6.This is not all about cost: As we all know this is easy to make money in buying. But this is not necessary to buy at cheaper rate. Price is what you pay and value is what you can get. It means you should buy the right property, not cheaper one. 7.Not hiring real estate agent: Most buyers make a common mistake of searching for home with their own. But you should get help of real estate agents because they are friendly and they help always in every course of action. You will meet many real estate agents Toronto in the procedure. A clever home buyer can easily understand who is in under control of whom. Always remember – an estate agent of seller won’t work under interest of buyer because they are legally obliged for the seller. 8.Not having the right protection clauses: Make sure your interests are protected before signing anything. Since a standard property agreement contains cooling-off period, sensible buyers always request additional clauses in order to protect their interest. Don’t believe the agent who says you can add extension later. 9.Taking the total cost of home too lightly: There are many home buyers don’t calculate the total cost of house. First of all, you should consider acquisition costs including valuation costs, stamp duties, loan application charges, and insurance. Along with evaluating these things, this is also important to estimate breakdowns that may happen while moving to new house. Lastly, the cost of owning a property is also an important thing to consider. It can prove expensive much more than insurance, maintenance and rates. 10.Buying in a hurry: Failed to find a dream home of yours? The agents may misguide you or you may found other competitor who has more budget than you. In this situation, the common mistake most home buyers make is that they buy home in a hurry. They get stuck in their emotional rollercoaster and make decisions to buy a reasonable home rather than a suitable home. Rather than purchasing due to frustration, wait for a while! Take decisions with calm mind and get a great deal. 11.Not inspecting the building: Check out the home you want to buy and hire a responsible and experienced professional. Make sure the inspector you have hired is trained to locate faults. So don’t be afraid if a long list of faults is made of your potential home. Ignore minor faults that can easily be repaired and look out all critical faults that can get you in trouble in the near future. 12.Going alone: Almost every seller hire an agent to protect their interest and always give helpful advice to them. And many buyers go alone. Though you have made research on the internet about the property, but some emotional decisions may change your aim of this biggest investment. This is perspective to have good knowledge about the process of home buying. So, have an expert on your support before making a big decision. The profession real estate agent is important for you to have protection of your interests. The final say! These are the tips you should consider when it comes to get involved in the process of home buying. All in all, you should use your brain in this process, not heart. Visit markten-pow.ca for real estate listings and to hire real estate agents Toronto.
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