Mistake #1. Not Getting Pre-Approved for a Mortgage
Before looking for your next home, take the time to get pre-approved by the bank or mortgage broker you choose. This can save you hours searching for homes in the wrong price range or even worse, buying a home and then finding out that you don’t qualify for financing. Pre-approval helps give you realistic search criteria, gives you peace of mind, and helps your RE/MAX® – LifeStyles Realty – Maple Ridge sales associate negotiate well on your behalf because he/she understands what you can afford.
Mistake #2. Not Having a Professional Inspection
With the advice of your RE/MAX® LifeStyles Realty – Maple Ridge sales associate, ensure that you obtain the inspections that you need for your new home such as home inspections and oil tank searches. This can help avoid finding out later about defects that need immediate repair. Knowing what deficiencies exist can also assist in renegotiating the sale price to cover repairs.
Mistake #3. Not Shopping Around for Mortgage Terms
Quoted mortgage rates are not set in stone; they can be negotiated with your bank or credit union. Banks and credit unions will be especially motivated to get your business if you have a good credit rating and other business needs that you can do with them such as RRSPs. By obtaining mortgage rate quotes from various banks and credit unions, you can find out the best rates. You should also ask your bank or credit union whether they will cover appraisal fees. Also ask them about buy-out fees, payment options, terms and amortization periods. This research can save you thousands or tens of thousands of dollars over the mortgage’s life.
Mistake #4. Not Being Aware of All of the Costs of Home Buying
It is important to know all costs associated with home purchases, including, but not limited to: transfer taxes, property taxes, repairs, new appliances, deposits, moving costs, and legal fees.
Mistake #5. Not Using a Professional and Licenced Real Estate Agent
Your RE/MAX® – LifeStyles Realty (Maple Ridge) REALTOR® can help you purchase your new home while helping you navigate various challenges. They can offer you advice on various neighbourhoods in the Maple Ridge and surrounding area, subjects and conditions to include in your offer, information about selling prices and more. After all, they work for you.
Mistake #6. Buying First Before Selling
It is financially prudent to sell your present home before buying another. It will help you know exactly how much money you will have available for purchasing your new home. It will also help you put fewer conditions on your offer, which helps to make your offer more attractive to the seller.