Common Mistakes while Home Buying

Buying a Home is one of the biggest financial decision we make in our lifetime. There are a lot of minor details that can be missed while making the huge decision of Home Buying. My job is to ensure that every little detail is checked to ensure a smooth Home Buying experience. Some of the common mistakes while home buying are:
  1. Failing to get a Property Inspection done. Sometimes even the newly built properties can have material defects that cannot be detected easily. Home inspectors use Thermal Imaging and other advanced technologies to detect defects that are hidden to naked eye.
  2. Not allowing enough time to find out all of the important information, such as building inspections, permits, title examinations and any relevant municipal/community information. With all the excitement of having the transaction finalized, it is important to not overlook the other important aspects.
  3. Not obtaining inspection or copies of applicable permits from the City of Calgary. You could be paying extra money for a deck or garage that is illegally built and might need to be removed at a later stage. It is important to know if all the permits are in place.
  4. Failing to have your Real Estate Associate provide you a Comparative Market Analysis of the home’s value. A properly done Comparative Market Analysis helps determine the true Market Value of the Property and ensures you are getting the best value for your investment.
  5. Making a low-ball offer and discouraging the seller from negotiating with you. I can help you determine the offer and do all the necessary negotiations to ensure you get your ideal property at a good price.
  6. Failing to get pre-qualified for mortgage financing prior to making the offer to purchase. If you are pre-approved for a mortgage then you get better leverage at the negotiation stage as you can have shorter closing periods which make your offer look more lucrative. Getting pre-approval also ensures you do not put an offer on a property that is well over your budget.
  7. Purchasing a For-Sale-By-Owner (FSBO) or other property (ex. New Build), without the use of a real estate professional and attorney. FSBO or New Builds can have terms and conditions that are not favorable to the Buyer but can be overlooked by the Buyer. I can ensure that all the terms and conditions are favorable and acceptable to you.
  8. Purchasing a parcel of real estate without obtaining title insurance.
  9. Not requiring a Real Property Report (RPR) with compliance on the property you are purchasing.
Although the list above is not a full and comprehensive list of all Home Buying pitfalls, they are common problem areas. You can avoid dealing with the headaches that arise from overlooking these items by choosing the right REALTOR®. For further explanation of the implications of any of the pitfalls listed in this report, call me at (403) 402-2627. I would be happy to discuss your Home Buying needs. If you would like more information about the process of Home Buying, visit the Resources section of my website.