Three Things Every Home Buyer Should Know

What can be more exciting than purchasing the home of your dreams? It’s a great feeling to find just the right property. It’s easy to get caught up in planning how you will make that house your home,  but before you get too excited, remember that when it comes to purchasing a home, forewarned is forearmed.  So what lessons can you learn from experienced home buyers?

Real estate agents often suggest that you get your financing in place before you have a specific property in mind. Why?  Lenders often have rigid requirements in place for buyers. They can tell you what financing you can qualify for and they can help you iron out the approximate costs of your financing.

Read more: The 5 biggest mistakes a seller can make

This is important because sometimes it is easy to see a home that is near your target price but not within the money you are qualified to borrow. Knowing your limits can help you say “no” to an attractive property before you become attached to it only to discover that you simply couldn’t get financing.  Most financial experts give stern warnings about stretching yourself too thin because of emotional buying.

If there is one lesson the recent real estate collapse offers, it’s that you can create real problems for yourself by talking yourself into a property you really can’t afford.

What’s next? Well, it is important to remember that properties are often dressed up for a sale. It’s very important to seek expert professional advice regarding the general condition of the place you want to call home. There is nothing more devastating than discovering that the property you thought would serve you for a lifetime has serious structural problems.

A qualified home inspector who works for you, not the seller, can look past the window dressings and identify existing or potential problems. Be careful to listen for any concerns. Sometimes, when the home inspector brings the final report to the buyer they meet resistance. Why? Nearly anyone can become very emotional about home purchases! 

A third bit of advice is to remember that no matter how you feel about a deal, no property sale is final until the paperwork is signed and the title is transferred. Many people, both buyers and sellers can tell you that there are countless roadblocks that can crush a potential home purchase.

So, learn from other people’s mistakes and wait to order those custom drapes. Hold off on painting before your closing is completed. There is only one thing worse than seeing a deal fall apart, and that is seeing a property that you have invested in heavily sell to another buyer!

Read more: What are Closing Costs?

That said, buying a home is still one of the most exciting and rewarding purchases anyone can make. Remembering a few simple lessons others learned the hard way can save you endless frustration and precious dollars! Keeping the three keys I’ve shared above before you settle on a property will help you make wise choices and protect your real estate investment for years to come!

Contact me if you would like more insider tips to buying your first or 10th home in Nanaimo! I'm here to help.