SmartHomeOwners

 Thinking about buying your first home? Make sure you know these secrets to avoid any potential pitfalls!

Not knowing what you can afford

Before you buy, you should consult with your bank or mortgage broker and get a pre-approved mortgage or rate-lock. This way you can be certain of what you can, and cannot afford; saving countless hours wasted sifting through listings.

Falling for gimmicks and flash

Don’t look at the furniture and the backyard pool and be swayed into buying the house. You’ll soon have to move your own furniture in and that pool will bring more responsibility than you had previously considered. Just two simple examples of looking too deeply into what is on the surface, rather than the inside.

Skipping the home inspection

Make sure you know what you’re getting by hiring an accredited appraiser to evaluate the property. This way there are no surprises on move in day.

Failing to budget for other costs involved with home ownership

One of the many joys of home ownership is dishing out your hard earned money for insurance, taxes, maintenance, and closing costs of your new home. Don’t let yourself be thrown to the wolves because you’re unprepared. Know the costs of ownership inside out before putting in an offer.

Waiting for the perfect home

Your first home will most likely be where you start your own family or embark on a life of independence. Of course it is reasonable to expect it to be perfect. The reality is that very rarely will a home exceed your expectations. There may be problems with this or that, but it is important to keep in mind that renovations and repairs can be done personally to help your newly acquired home into your dream home.

Plan long term

What is the market outlook for your area? What are the local zoning bylaws? What about recent developments in that area? All of these are good indicators of rising or falling property values.