Buying a home is a very exciting feeling for anyone, and it’s one of the most important decisions of your life which you have to take wisely as it’s one of the biggest purchases of your life. You have to be very cautious and vigilant while deciding the perfect dream house as there is a lot of room for errors and mistakes which can cost you a big chuck of money from your bank account. Being one of the leading companies for the Commercial properties in Whitby and Homes for sale in Pickering we have identified seven important things which you should avoid while you are in the process of buying a new house.
Buying a home without a real estate agent
Always seek for a professional help in the process of buying a home. A real estate agent can be a great help in turning your dreams into reality. With the help of a real estate agent you can negotiate quite well, he or she can help with the home inspection process. No one is better than the real estate agent to find out about the history of the house. A real estate agent will help you out with all the legal advice you need in the process of buying a home.
Don’t keep a single source for your home loan
While applying for a home loan take quotations from two or three home loan providers and see what suits you the best like lowest interest rates, time period of the loan and other things.
Don’t hide the budget from your real estate agent
The very common mistake most of the home buyer do is that they don’t like to tell the true budget they have to buy a new home, which might be keeping them from buying a great house. So don’t hide the budget from your real estate agent.
Don’t prioritize your fantasies over your basic needs and wants
We have always advised our clients to look for their basic needs and wants when they are looking for a house rather than prioritizing their fantasies. For instance you need a three bedroom house for your family and if on your home hunt you have come across a house with one bedroom but a huge recreation area including a pool table, that recreational area might be on your wish list for a long period of time but you have to prioritize what is best for your family.
Don’t make silly offers
It is advisable not to make silly offers for the house you are planning to buy let the negotiation be handled by the real estate agent.
Don’t forget to keep budget for the other costs
One of the very important things you have to keep in mind while budgeting your home loan budget is to keep a separate chunk of money 10 to 15 percent for the other costs which you have to pay during the process of buying a house, like taxes, inspection fee, and insurance if you have to buy and the closing costs.
Don’t spoil your credit score by making big purchases
When you know that you are in a process of buying a new home avoid big purchases like car loans or a big purchase with your credit card which might lead to cancel your home loan.