Purchasing a home can be one of the most complicated decisions you will ever have to make in your life. Many buyers become overwhelmed at all the levels of details that they must keep up with.
Rest assured that with enough research and deliberation you are bound to find a house that you will love. To help you stay on the path and keep from making errors in judgment, avoid these six typical mistakes when shopping for Okotoks real estate.
Using an Agent That Does Not Work Best for You
A buyer depends heavily on their real estate agent. This person provides insight into the market and helps them navigate the home buying process.
Find an agent that matches your style to get the best experience. If you love communicating via mobile, for example, do not use an agent that insists upon still using fax for important contracts. You should also seek out an agent that can work with your schedule, as well as one that has intimate knowledge of the housing market sector you are leaning towards. Nothing is worse than being on a moderate budget and repeatedly viewing million dollar homes.
Looking for Houses Before Pre-Approval
Lenders providing pre-approval are offering a tremendously helpful service. They can compile all of the information from your accounts, income and credit history in order to help you picture what sort of mortgage you can afford.
This resource is a gift. Use it. Otherwise you are shopping blind and could have your entire purchase process derailed.
By taking the time to get a pre-approval from a lender, you are giving yourself a set of guidelines to help you steer the houses you look at. This information can make buying a lot less mystifying, and it can help with your ultimate purchase decision.
Spending the Maximum Amount of Credit
Just because you have a pre-approval limit does not mean that you should get as close to the max line as possible. Remember that you will have closing costs; property taxes and regular maintenance to contend with once you sign your mortgage. You should also have a cushion to protect yourself against unforeseen circumstances.
Many buyers, especially first-timers, see a pre-approval as a blessing to go out and spend as much as possible. Instead, be conservative and do not take a chance by tying up every cent of your cash and credit into one purchase. No one should have to decide between paying a mortgage and putting food on the table.
With these tips you should hopefully have an easier time locating homes that you not only love but also that will also leave you in a stable financial situation. Part II of this post will help you avoid mistakes during the negotiation process.
For general buying advice or to consult a real estate professional who can work on your terms, take a look at our buying page.
