There is a lot of preparation that goes into buying a new home. Before you decide, you need to consider if you see you and your family living there. Is the area safe? Are there schools shopping, parks or health care facilities nearby?
Since the pandemic, an estimated 48% of millennials say they are satisfied with their living spaces—a lower percentage than prior to the pandemic. This is because spending so much time at home opens your eyes to issues or incompatibilities with your living space that you may not have noticed before.
At Sunny Communities, we believe you should love your home every moment you spend in it. That is why we’re providing a guide to finding your dream home. Begin by avoiding these common homebuyer mistakes:
Looking Above Your Budget
Everybody has an ideal lifestyle, but if you’re too idealistic you may opt for a home way out of your budget. If you buy within your budget, you may come closer to your ideal lifestyle. You’ll live more live comfortably than if you’re overleveraged and you’ll be able to save for your future.
Not Getting Your Mortgage Fully Approved Before Looking
Some homebuyers jump into the market without mortgage pre-approval out of excitement or fear of losing out. It is important to get pre-approved so you have a solid idea of what kind of home you can afford, and so you avoid issues during closing.
Not Being Open-Minded
Although you might already have the home you want in mind, if you are sticking with that specific style, you will limit yourself and possibly lose your chance at buying a valuable property. Seek out the pros and cons of all the open houses you attend and consider all options before deciding. There are many realtor websites accessible online that can help you search for listings quickly.
Thinking The List Price Is Final
Buying a home comes with a lot of closing costs such as legal fees, land transfer taxes, and commissions. Along with added fees, homes will often sell for over asking. In competitive markets, homeowners and agents will typically list a home below market value to create competition, driving up the sale price.
Falling For Staging
If you walk into an open-house and fall in love with how it looks, then the interior designers did their job well. Staging is meant to draw you in and provide an idea of what your dream home can look like, but it is up to you to find out if the home is practical for your lifestyle, long or short-term. Ensure you are doing a proper due diligence before making any final decisions.
Not Getting to Know the Neighbourhood
Find out what amenities are around you are including schools, grocery stores, and health care facilities. The surrounding area will affect the resale value of your home.
Signing Without Getting Legal Advice
Getting a lawyer to review the contract prior to signing is essential. They will help you understand any underlining clauses, as well as your obligations, fees, and timelines.
Not Getting A Home Inspection
Nobody is perfect and neither is your home. A home inspector is specifically looking for 7 things: water damage, structure deficiencies, damaged roof, electrical damage, plumbing issues, insect infestation, HVAC system issues. In a competitive market, an inspection usually takes place after you purchase a home, which means you as the buyer are usually liable for any deficiencies or repairs. For older homes, it may be worth paying for a home inspection prior to your purchase to help you decide whether you want to take on the responsibility.
Sunny Communities builds quality homes in desirable locations. We consider all aspects of the area prior to development to ensure it is a great spot for any homeowner. We have three new communities coming soon to Markham, Angus and Schomberg. Register on our website to receive updates as they become available. Visit sunnycommunities.com.