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5 Mistakes New Home Buyers Should Avoid

You’ve decided that it is time to buy a new home or to upgrade into a larger home. This is a huge decision and will be one of the largest purchases you will make in your life, so it’s important you understand what YOU need in a new home and that you communicate this clearly with your Realtor as soon as you start your search.

While buying a home isn’t necessarily a permanent decision, it does cost a lot of money, time and energy so knowing exactly what you want/need will ensure that you won’t regret this purchase in the future. Your Realtor is there to help and can tailor your home search to your needs and focus on what matters most to YOU!

Whether it be neighbourhoods demographics, school requirements, room layouts & amenities or other items you should spend time figuring out what’s most important for your life before you hit the pavement running. Making the wrong choice & buying for the wrong reasons could result in buyer’s remorse in the months following your closing and if you think buying a new home is difficult, selling can be just as difficult.

Here are 5 tips to help ensure you don’t get caught with buyer’s remorse:

Don’t Give in on What’s Important to You! If you know that you need a certain amount of space in your home or that you need a specific school for your children, don’t settle on anything less than what you want. These “Must-Have” items are on your list for exactly that reason, they are a must-have so sacrificing them will surely lead to regret. Your Realtor will let you know if there will be issues accommodating your entire list; but it’s best of start off knowing everything that you need & want. You may find that you are willing compromise on some things to get your home; but your must-haves are not the place for sacrifice. If you share this list with your Realtor they can discuss options, concerns and create a plan of action so you only see those homes you truly fit your needs.

Don’t Let Others Pressure You! (this includes your family, spouse & friends) Only you know exactly what you want (& need) in a new home. If you and your spouse sit down and discuss what you want early on in this process it will make sure you know what is nonnegotiable and will keep your search on track. Share this information with those you plan to bring along on your home search as well; it really ensures that you won’t second guess yourself when you are ready to make an offer. Sometimes family members mean well when they offer advice, but it can lead to poor decisions if you let others make choices about what will work for you. You ultimately will be living in your house, not your family or friends; so you need to be happy with it.

Trust yourself & your instincts! Understand What is Negotiable For You Some things on your list of must-haves may indeed be “wants” instead of needs. These wants are the items that you should acknowledge as negotiable under the right circumstances. This could include home elements (appliances, fixtures etc.), neighbourhood details (location, parking, amenities etc.) or more. These will vary based on your situation so know truly what matters to you. If you want a house with 4 bedrooms & a finished basement, but a 4 bedroom home with an unfinished basement comes onto the market below your budget, would you be willing to consider this?

Research, Research & Research Again It is incredible how much information is available to consumers regarding real estate today and how easy it is to find online. You don’t need to do the research alone and will have many different professionals on your side able to help you with the various questions you will have through this process. They can include lenders, appraisers, inspectors, and of course your Realtor just to name a few. Your Realtor will probably be your BEST resource and will have even more information than you can find online and is a professional you rely on. You should take advantage of all the resources available to you so you know when you put in an offer, you’ll be completely satisfied with your decision should it be accepted.

Trust Your Agent Many people use the first Realtor they find online or are referred to. Do your homework and research your agent. You need to work with someone you trust and can rely on. A good agent can provide you with up to date statistics, demographics or details that will give you the answers you need to make a decision that you’ll be happy with for many years to come.

Your Realtor also can provide you with a market analysis of any properties you like, suggestions on how to make the best offer, as well as pitfalls to be aware of when searching for a new home. So ask questions, listen to advice and of course make sure you feel comfortable with who you are working with.

These rules are a great primer to purchasing your new home but let’s face it; our lives change and so do our needs. Follow the suggestions above and you will love your home for many years to come.

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