5 Costly Mistakes Home Buyers Make

By: Milena Sozio

5 Costly Mistakes Home Buyers Make

Tags: real estate agent, realtor, buyers, home buyer, sales representative, first time home buyer, home loan, mortgage, home buyer mistakes, credit score, preapproval, mortgage interest

Mistake #1: Not knowing what they can afford before making an offer

The best way to avoid this is to get pre-approved for a mortgage so you know exactly how much you can afford. Usually pre-approvals are free! You can check out our blog post 'Did you Really Get a Pre-Approval?' for more information. 

Mistake #2: Not knowing who the agent represents

Unless an agent is working as your buyer representative, they represent the seller. Many people do not realize this.

Mistake #3: Choosing the wrong mortgage

A bad mortgage can cost you thousands in taxes and interest. Consult an accountant before you choose your mortgage. The good news is we have expert mortgage brokers that we work with on a regular basis that we can recommend to you. 

Mistake #4: Not finding problems with the home before buying it

You should always have a professional inspector look at the home before buying it, otherwise you could be looking at huge repair costs later on. Read our blog post 'Avoid a Money Pit' to find out more. Similarly to the expert mortgage brokers, we have preferred home inspectors that are available to you when you are looking to purchase a home.

Mistake #5: Not understanding how their credit can impact their ability to purchase or refinance a home

Get a mortgage professional to help you go over and prepare your credit file before you buy a home. 

To better understand what you will be paying, check out our land transfer tax calculator, mortgage payment calculator, and insurance calculator here

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