First Time Home Buyer Mistakes And How To Avoid Them

Buying your first home is one of the most significant financial commitments you will make. There is a great deal more at play than how much you may like a prospective property. Many first time buyers fall prey to unscrupulous real estate agents, only too eager to talk up any property for the sake of a sale and the commission that garners.

While you will have quite a bit of factor to tend to from applying for the home loan to possibly needing to rent a property while awaiting the finalizing of your purchase purchasing a home is a great experience. If you require a short term rental while searching for the home of your dreams, you can consider short term rentals Toronto. We have consulted several industry insiders to compile a list of the most common mistakes first time buyers make, and how best to avoid them.

Location Matters Even More Than They Say

We are all familiar with the cliche’ that real estate is all location, location, location. Less understood is the gravity driving the sentiment. A beautiful suburban neighbourhood sounds excellent. But what if the suburb has seen increased investment in business zoning? This stands to change the neighbourhood in every regard, directly affecting your property’s value.

Now you may be thinking to yourself, how on earth do I go about determining all the factors that may affect future market value? There is a surprisingly easy method. Consult a second agent. Find a second agent who does not have an interest in selling the property and let them have at it. They will find every possible reason to dissuade you. Most of it will likely be apocryphal, but any severe threats to future property values will emerge. You can then endeavour to research the more concerning claims.

Shop Around

It may sound almost devious to pit agents against each other, but there is secondary importance to dealing with more than one agent. Giving each agent a fair chance to find the perfect home for you, said agents would act more quickly and decisively, knowing there is competition.

And they will know, the industry has an almost espionage-like ethos in identifying who is selling to whom. By diversifying your options, an agent is less likely to try and sell you a property they are merely trying to unload before their mandate expires.

They will probably present properties best fitting your specific needs, and negotiate the best pricing on your behalf. An agent’s commission is subject to selling price, but generally, they prefer sealing as many deals as possible rather than trying to push a single large commission.

Ask Every Question You Feel Is Important

One sometimes feels reluctant to ask questions in any negotiation process. We think that perhaps our question is stupid or not appropriate and leave a lot of concerns undiscussed. Buying a property, you need to get over this feeling and ask the myriad issues that may come up.

As an example, you may notice that the paint on built-in cupboards is a slightly different shade than the wall. The agent has to disclose any information honestly but is not compelled to volunteer such information. It could, in this example, be a case that the wall has suffered damage and the cupboard is masking a problem.