You’ve saved up your down payment. You’ve picked your dream neighbourhood. You’ve chosen a realtor to work with. Now comes the hard part: actually buying the house. Here are some common mistakes to avoid:
- You fell in love with the staged house. Generally, you don’t get to take the staging with you – and a staged home can be just as hard to see past as a home that desperately needs an update. Will your furniture actually fit? Does the layout make sense for your needs, ignoring whether it is beautifully designed? It’s important to think beyond the design when choosing a home.
- You didn’t check out the neighbourhood. It doesn’t matter if the house is perfect if the neighbours party all night, every night. Or if you want somewhere to walk with your toddler and the nearest park is across four busy streets. Before you sign an offer, be sure it’s not just the right house, but the right neighbourhood.
- You didn’t get pre-approved for a mortgage. This is one of the biggest: you should never, ever go house hunting without knowing exactly what you can afford to buy. Related to that, don’t look at houses that are outside of your budget; you will just want to stretch beyond your means.
- You skipped a home inspection. Sometimes, in hot seller’s markets, people minimize their conditions to make their offers more attractive, but this can be dangerous. If you skip a home inspection, in Ontario, you become responsible for any defects that a home inspector could have found – which means that you can’t go after the seller. Unless you have unlimited funds to repair possible damage, you should not risk it.
- You forgot about closing costs. Tax adjustments, legal fees, even title insurance: the little things add up. Get an estimate from your lawyer at the beginning so that you aren’t surprised at the end.
