How To Avoid Common Home Buying Mistakes

Buying a home is a big decision and quite possibly one of the largest investments you will ever make, so be sure to avoid the most common home buying mistakes such as: 

There is a reason why Real Estate Agents exist and if you are buying a home, I advise you to consult with a professional realtor to get open and constructive advice and to guide you through every step of the buying process.

One of the most common mistakes of prospective buyers is that they assume their affordability. I advise every body who is looking to purchase a home to get pre-qualified with a mortgage specialist. They will evaluate your finances so that you know first hand what you can and cannot afford.

Consult with a surveyor before purchasing your new home. They will inspect the property for any discrepancies, breaches or faults - better to know whats wrong before rather than after you purchase!

Always ensure that you know the true market value of a property before purchasing or making a deposit. It is important to be sure that you are getting value for money, so I advise that you contract the services of an experienced valuator. You do not want to be paying above market value or make a deposit before you know the market price!

Far too many times, I have witnessed where prospective buyers forget the costs breakdown and the additional closing costs include when purchasing a home. Take into consideration that on top of the cost of the property there are other expenses to factor in such as :

• Deposit

• Application Cost (if obtaining a mortgage)

• Surveyor’s ID Report

• Valuation

• Sales Agreement (Fixed-Shared with Seller)

• Letters of Possession (Fixed-Shared with Seller)

• Stamp Duty (50/50 with Seller)

• Registration Fee (50/50 with Seller)

• Attorney’s Fee + GCT