Avoid Common Buyer Errors
Shopping for a new home in Okotoks or Calgary can be an emotional experience. It is also time consuming and comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some important aspects. Their home purchase turns into an expensive process. These errors generally fall into three areas:
- Paying too much (ouch)
- Losing a dream home to another buyer (disapointing)
- Buying the wrong home (hindsight)
Working with an experienced and diligent Realtor is important to avoid these commom mistakes. Our Re/Max Real Estate Team has a systematic plan to approach the task of buying a home so you will be sure to avoid these costly errors.
Here are Some Tips on Making the Most of Your Home Purchase:
Making an Offer Without Sufficient Information
What price do you offer a seller? Is the seller's asking price too high? Is it a deal? Or is it a dud? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. Our Okotoks & Calgary Real Estate Team can offer you an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.
Buying a Mis-Matched Home
What do you need and want in a home? Sounds simple... Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn't consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead by making a NEEDS vs. WANTS list before you start shopping for a new home and use it as a guideline for every home you view.
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of our services during a real estate transaction, our Re/Max Realtors will supply you with a copy of the title for said property to ensure there are no liens, debts, undisclosed owners, leases or easements. As well, your lawyer will ensure that you do not assume anybody else’s liens.
For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you'll have an idea of the cost of future repairs. Most home inspectors will provide information on the maintenance of your home to avoid costly future repairs. Make the final contract subject to a favourable report.
Shopping Without Mortgage Pre-Approval
It only takes a few days to get financing pre-approval from a lender. When you are shopping for a home, this gives you more power and ensures you won't waste your valuable time looking at homes beyond your affordability.
Remember Additional Costs
Besides the funds for the purchase of a home, you will need funds for items such as insurance, legal fees, surveys, inspections, moving costs, etc. Our professional Re/Max Realtors can provide you with a detailed list of costs you can anticipate to incur during the process of buying a new home as well as refer you to trusted vendors.