Industry tips for Home Buyers

Common and Costly Mistakes Buyers Make:

1. Not choosing a real estate professional who is interested and committed to forming a strong business relationship with you. A ‘relational’ REALTOR subscribes to the idea of establishing clients for life and are partners for the long term, frequently delivering service quality that is better than expected.

A ‘transactional’ agent only cares about the deal and is focused more on getting the job done and off to the next customer. They have a short term view of business and deliver the minimum in service.

Prudent buyers should have a real estate partner and advocate on their side to look after all aspects of the real estate transaction. This way costly pitfalls and mistakes can be avoided.

2. Buyers failing to get pre-qualified before making an offer on a home. Make you life easier and avoid teasing yourself with a property that you cannot afford. By speaking with a mortgage specialist or bank representative beforehand, buyers will have a clear idea of what they can and can’t afford. As a buyer, you can also benefit from interest rate protection, in case interest rates increase during the house finding period. A great idea to secure your financial future!

3. Forgetting to account for all closing costs involved. Buyers should discuss with their REALTOR or mortgage representative for an idea about all of the closing costs. Expenses to consider are: legal fees, title insurance, land transfer tax, house insurance, mortgage premiums and insurance for high ratio loans. Rember to review your statement of account with your legal professional prior to closing.

4. Restricting their home search to open houses, ads or the internet. Houses advertised in newspapers or on the internet are often already sold and represent a small portion of available properties. Full time REALTORS have up to date information on properties that are unavailable to the general public. Your best plan of action is to engage the services of a real estate professional and establish a working relationship. They will be the best resource to help you find the right home you want.

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To learn more about how I can help you avoid these pitfalls and keep more of your savings in your hands, give me a call at 519.821.6191 or toll free across Canada at 877.497.8975

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