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Buying a home isn't like shopping for a bike or picking out a puppy. With
such large amounts of money involved, there is of course a great deal of contract
work, financial agreements, binding legal documents, and a great deal of time
and effort by both parties to come to a suitable agreement for both sides. Naturally,
there is a large margin of error for anyone buying for the first time. Here are
some of the common mistakes first time buyers should avoid.
The first and most crucial mistake is doing it alone. If you start up a Barrie
catering service because you are a great cook, that doesn't mean your
business will be successful. Without someone who knows how to market, budget,
plan, and manage, you'll be out of business before you know it. People
make a living buying and selling homes. Though knowing who to trust isn't
an easy decision, hiring a professional to represent your interests is. Do not
do it alone unless you're an expert yourself.
The next most common mistake is buying right away. There is no return policy
for buying a house, and if you don't think your purchase out you'll
regret it for a long, long time. Even if you know it's the one, look around,
talk it over with your realtor and family, and look at all of your options so
that you'll know you made the right decision in the end.
Get pre-approval before you start your search. Knowing how much you can afford
will help narrow your search and save you time. And make sure not to buy something
you can't realistically afford. Though you may have been approved for
more or have plans to turn your purchase into a Toronto bed & breakfast,
you'll regret spending more than you can afford in the end.
Make sure before you begin that you have full trust in who you hire to help.
You wouldn't agree to take a dress from a wedding rental Brantford shopkeeper
without knowing their work or seeing the product, and the same is true here.
Don't take other people's word for it, do the research so you can
feel confident that you chose right.
Always get your agreements in writing, don't ever take people just at
their word. Say you find the best nanny Calgary has to offer, pay her $100
dollars up front for a night's work and she never shows. How do you get
your money back? You don't. No grievance you have with the seller can
ever be settled unless there is documentation of a written agreement or confirmation
of a verbal agreement. Don't take chances.
Likewise, make sure you read the fine print of any agreement before signing.
You wouldn't buy an expensive Valentines gift certificate for your wife
without knowing what it's valid for lest you look like an idiot. Just
imagine how you'd look missing a big contractual provision. Always remember
how much money your home will cost, and common sense should pull you through. |