Mistakes to Avoid as a First Time Home Buyer

Mistakes to Avoid as a First Time Home Buyer

Buying a home is the biggest investment you will make, so you want to make sure there are no mistakes in the process. If it’s your first time buying a home, it’s particularly easy to make a mistake if you don’t know what to look out for, which is why it’s extremely important to know the details in advance so that you can make the right decision.

In order for this milestone to be smooth and exciting, you need to avoid making the following mistakes:

  1. Finalizing your mortgage with the first lender you see. Receiving pre-approval is very exciting and it’s easy to jump and say yes but you should shop around before settling. Visit multiple lenders to see what each one can offer you and see who will provide you with the best rates and lowest closing costs. If you don’t shop around, it can end up costing you more in the long run, so take the time to visit multiple lenders before agreeing to a mortgage.
  2. Focusing solely on the home. When you come across your dream home, it’s possible to forget everything else but that is a big mistake because you may not love the surrounding elements as much as you love the home, which will be a huge disappointment. Consider the neighbourhood and learn about it so that you get an idea of the quality of life being offered there. It’s important to love the house but it’s pointless if you don’t love living in the neighborhood as well.
  3. Failing to look closely at the home inspection report. It’s hard to accept that there are issues when you love a home and think of it as yours but this is a costly mistake. Pay close attention to the report so that you don’t ignore issues that could lead to serious problems. This report will provide you with all the information you need to finalize your decision, and sometimes, even if something looks great on the outside, it may not necessarily be the case and can cause you to walk away. 

Buying a home can take a lot of time but it’s worth it in the end. Once everything has been finalized, you want to feel confident that you’ve made the right decision. Don’t rush your real estate purchase, otherwise, you may be left with regrets. Collin Bruce can help with all of your first time home buyer questions to make sure you’re making the right decisions. If you need a mortgage broker in the Edmonton area and want a mortgage specialist you can trust, then call Collin Bruce today! This mortgage company will help you obtain your first home whether you need a mortgage with no down payment or have other preferences, so don’t wait any longer and contact them today!