Are you Planning to Buy a House? Here's What Not to Do!
Buying a property is an important step in life and comes with its share of stress. It is undoubtedly because of this and also due to a lack of knowledge, that certain errors can be made by buyers. Some mistakes are of little consequence while others have a real negative impact.
In order to allow you to start shopping without fear of being disappointed with your next real estate acquisition, RE / MAX has prepared a list of the most frequent blunders made by buyers.
1- Not Taking into Account Noises or Odors
It’s not uncommon that once settled in their new home, owners discover that their environment is unpleasant. This can be attributed to the proximity of a farm, a factory or a dump. Others get settled near a recreational airport without realising that the noise of the engines of small planes can be quite irritating. Others become bothered by the heavy trucks that pass by nearby every day. Take the time to observe the desired neighborhood.
2- Minimising the Impact of the Daily Commute
Some people who have never experienced rush hour hell may be tempted to buy a property in areas heavily affected by traffic. Our advice is to experience the journey you’ll embark on each day, to see if it’s manageable. It’s also important to check public transport accessibility in that area, an excellent solution to avoid traffic jams, and reduce your ecological footprint.
3- Relying on the Municipal Evaluation
When it comes to the sale or purchase of a home, the municipal assessment should not be taken into account. This amount has nothing to do with the market value of the property. For example, you might think you got a good deal by buying a home for $ 15,000 below the municipal valuation, when in reality it’s worth much less.
4- Putting all your Money into the Down Payment
It’s important to raise the down payment needed to buy a home. However, it shouldn’t swallow all of your savings. Once you’ve moved into your new home, there’ll be costs to be expected such as the Welcome Tax, but also expenses such as the purchase of furniture or the repair of the fence. Nobody wants to incur debt for these items!
5- Neglecting to Read the Seller's Declaration Carefully
Your love at first sight for a home can turn into disappointment if you only skim through the seller’s declaration. Some troublesome elements that were not disclosed during the visits may be hidden in it. By law, this document must be completed, in all honesty, by the seller. He must indicate whether he is aware that a room has already been used for growing cannabis, that the house has suffered water damage, that there have been infestations of critters, etc. These statements, written black on white, are therefore no longer hidden defects! Careful reading of the seller's declaration will allow you to make an informed decision.
6- Not Projecting Yourself into the Future
Predicting the future is difficult, but you can still plan ahead and choose a house still suitable further down the road. After all, no one wants to move often. Will you need an extra room to accommodate a baby or an aging parent? To set up your at-home office? Would you like a more intimate backyard? A garage to tinker in? A quieter neighborhood? It’s up to you to envision it!
7- Relying on a Friend to Perform the Inspection
A building inspector usually has comprehensive training that allows him to do a state of the art inspection. It’s better to entrust this task to a professional rather than a relative. This could avoid unpleasant surprises such as a problem that does not fall under the “hidden defects” category, since it could have been detected during this stage.
8- Not Getting Pre-Authorised for a Mortgage
You could be wasting valuable time shopping for properties in a certain price range when you could afford a larger amount or, conversely, a smaller amount. It’s best to ask a banking institution how much it would be willing to lend you before you start shopping.
Another mistake would be not to use a real estate broker for this important purchase. Brokers are trained to help you find the home of your dreams and to negotiate its price accurately. They are able to highlight the negatives and positives of each property. They also know how to complete the necessary documents so that everything is in order.
We wish you a hassle-free real estate purchase!