6 Rookie Mistakes Every First Time Homebuyer Makes
If you are reading this, then it can only mean one thing – you are gearing up to buy your first condo and you want everything to be absolutely seamless. But will it? The truth is although the thought of buying your own place can be invigorating and exciting for the most part, it can also be an exhausting and scary affair too. Especially when you hardly know where to start and how to go about it. You can make plenty of mistakes along the way that might end up costing you a home and tons of money too. And that’s why we are going to explore 6 rookie mistakes that you should avoid at all costs for a shot to own your condominium seamlessly.
Skipping mortgage qualification
One of the oldest home buying rookie mistakes is placing an offer on a home before getting pre-approved for a loan by the bank. And while this may be a purely innocent mistake most of the time, it is important to realize that what you think that you can come up with and what the bank would be willing to lend you may not always be in perfect harmony. Not unless we lived in an ideal world – which we don’t. It is therefore important to go through the mortgage qualification prior to making an offer as it will help you have a clear picture of what you can comfortably afford.
2. Being too picky
I know I know. This is a contentious issue for a lot of people. I mean who doesn’t want to live life to its fullest and enjoy all that it has to offer? Beats me. However, while it’s advisable to have a wish list of what you want your new condo to be like, it is important to be flexible too. Otherwise, you might end up renting for much longer than you had anticipated. For instance, wouldn't it be easier to forgo that lavish extra storage room or settle for that outdated décor instead of renting till you find that perfect home which might not exist?
3. Compromising on important things
Although it is important to compromise on certain things, it is imperative to review the items being compromised on in term of importance. For instance, if you expect to have more kids in future or work from home it might not be in your best interest to get a one-bedroom or studio condo at all. In the same breath, while settling for a smaller option might seem like the best thing to do especially because it costs less, it might also turn out to be something you will quickly outgrown.
4. Using the seller's agent instead of hiring your own
Agents are without a doubt an integral and essential aspect of smoothening over the entire condo buying and negotiating process. And while they are held to the ethical rule to act in the sellers and buyers best interest, using the seller's agent might actually turn out to be a bad idea in the end. Mostly because the agent is now required to satisfying conflicting interests which might turn out to be a tad harder than anticipated.
5. Not factoring in additional expenses
Contrary to popular belief, the bark doesn’t stop with owning the condo or house. Certainly not! Once you become a homeowner, there are other expenses that you have to shoulder including insurance, property taxes and maintenance fees.
6. Being blindsided and swept away
Sellers use the most insignificant things to appeal to the buyer’s emotions. It could be eliciting a higher price tag for cosmetic fixes and minor upgrades or adding a few flashy accessories so as to get a little bit more money. My advice. If you are on a budget, your best bet is to look for a condo whose full potential has yet to be realized. This will give you more room to add value as well as save you an extra buck too.
Buying a condo for the first time can be a daunting and overwhelming affair especially when you have no idea where to start. However, if you steer clear of the rookie home buying mistakes you will have a better shot at better protecting yourself. Contact us to get help with your condo search.