[et_pb_section bb_built=”1″ admin_label=”section” _builder_version=”3.0.47″ custom_padding=”15px|0px|54px|0px|false|false”][et_pb_row admin_label=”row” custom_padding=”0|0px|27px|0px|false|false” _builder_version=”3.0.48″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″][et_pb_text _builder_version=”3.21.1″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” z_index_tablet=”500″]<\/p>\n
By Jennifer Lynn Walker <\/span><\/p>\n Buying a new property can be an emotionally charged process. It\u2019s important to do some preparation before you start looking. After all, don\u2019t you want to make a good decision that will bring you happiness rather than heartache for years to come? <\/span><\/p>\n Here are the eight biggest mistakes that real estate buyers make \u2014 usually due to lack of preparation and impatience \u2014 and the steps you can take to avoid them.<\/span><\/p>\n 1. Making an offer without being pre-approved\u00a0\u00a0<\/b><\/p>\n It\u2019s for good reason that a lot of brokers won\u2019t work with you unless you are pre-approved at a financial institution or an independent mortgage broker. A pre-approval means sellers can have complete confidence that any deal you make won\u2019t fall through due to financing. If you are in a multiple offer situation, this will likely give you the edge. <\/span><\/p>\n And there are benefits: You can forecast your finances because you\u2019ll know your downpayment and monthly payment amounts. And most mortgage brokers lock in an interest rate for a period of time so you\u2019re protected if rates go up. Plus, you\u2019ll get final approval of the sale much quicker because the bank already has your paperwork.<\/span><\/p>\n 2. Not shopping around for the right broker<\/b><\/p>\n Just because a real estate broker has a lot of listings doesn\u2019t mean they\u2019ll be a great fit. Sometimes busy brokers have less time for you. Your broker should be available, resourceful, and ready to understand your needs. Make a list of questions and do a short phone interview before you meet with them in person. You should feel comfortable and have confidence they will go to bat for you. <\/span><\/p>\n Remember: <\/b>If you don\u2019t have a broker, the listing broker will end up representing both parties. A dual broker cannot divulge confidential information about one client to another and is acting as intermediary. However, that listing broker\u2019s client is the seller. They have a brokerage contract agreement. It is in your best interest to have a broker who is working exclusively for you.<\/span><\/p>\n 3. Not sticking to initial goals<\/b><\/p>\n Before you start looking, write out exactly what you want in order of preference to create a go-to guide. Knowing your limits \u2014 what you can and can\u2019t live without \u2014 will help you avoid a disastrous impulse decision. You\u2019ll most likely face compromises. It helps to be clear about your intentions from the start.<\/span><\/p>\n 4. Thinking there is only one perfect house out there<\/b><\/p>\n I always tell my buyers that the house will pick them and not the other way around. Yet, being open to compromise is a must. It’s rare that a buyer will be able to tick every box on their list. When you walk into \u2018your\u2019 home you should feel it right away. Then, ask the right questions, play devil\u2019s advocate, and make sure it\u2019s really the right fit for you.<\/span><\/p>\n \u00a0<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.19.18″ link_option_url=”https:\/\/www.montreal-realestate.ca\/english\/customized-property-search\/” custom_padding=”0|0px|27px|0px|false|false”][et_pb_column type=”4_4″][et_pb_image src=”https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2019\/03\/Do-a-customized-property-search.jpg” _builder_version=”3.19.18″]<\/p>\n <\/p>\n [\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding=”27px|0px|50px|0px|false|false” _builder_version=”3.17″][et_pb_column type=”4_4″][et_pb_text _builder_version=”3.17″ inline_fonts=”Trebuchet”]<\/p>\n Trying to save money by not having an inspection could end up costing you a lot. A qualified home inspector will provide a professional report that includes every part of the building\u2019s infrastructure. They will give you a timeline for maintenance and repairs. This is an invaluable service. Make sure your inspector has a professional license and is insured.<\/span><\/p>\n Once your offer has been accepted, it\u2019s time to find out as much as you can about the property you want to purchase. Make a list of any concerns you have such as: the neighborhood\u2019s crime rate, schools, right of ways, neighbors, environmental conditions, traffic, etc. When buying a condo, the approval of the condo documents and understanding of how the building is being run is part of your research. Your broker will be able to provide all this information<\/span>.<\/span><\/p>\n A LOT of people don’t realize all the costs involved: a building inspection, land transfer tax, notary costs, adjustment costs at the signing, insurance costs, etc. Another important expense people tend to overlook is the immediate cost of renovations. Replacing a roof can be thousands of dollars.<\/span><\/p>\n Ask any broker and they\u2019ll likely guarantee that the unexpected will happen. Buying a property is a complicated process. Stay calm and trust that your real estate broker is doing their best to make the deal run as smoothly as possible. Problem solving is a huge part of the job.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.17″][et_pb_column type=”1_2″][et_pb_text _builder_version=”3.17″ text_font=”||||||||” text_orientation=”center”]<\/p>\n <\/p>\n This article was featured in:<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″][et_pb_image src=”https:\/\/www.montreal-realestate.ca\/english\/wp-content\/uploads\/2018\/11\/The-Suburban-1.png” _builder_version=”3.17″]<\/p>\n <\/p>\n [\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Jennifer Lynn Walker Buying a new property can be an emotionally charged process. It\u2019s important to do some preparation before you start looking. After all, don\u2019t you want to make a good decision that will bring you happiness rather than heartache for years to come? Here are the eight biggest mistakes that real estate […]<\/p>\n","protected":false},"author":2,"featured_media":8518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"By Jennifer Lynn Walker <\/span>\r\n\r\nBuying a new property can be an emotionally charged process. It\u2019s important to do some preparation before you start looking. After all, don\u2019t you want to make a good decision that will bring you happiness rather than heartache for years to come? <\/span>\r\n\r\nHere are the eight biggest mistakes that real estate buyers make \u2014 usually due to lack of preparation and impatience \u2014 and the steps you can take to avoid them. <\/span>\r\n5. Not having a home inspection<\/b><\/h4>\n
6. Not following through on due diligence<\/b><\/h4>\n
7. Not knowing total cost involved<\/b><\/h4>\n
8. Freaking out at unforeseen\u00a0circumstances<\/b><\/h4>\n
\r\n \t
\u00a0Making an offer without being pre-approved \u00a0<\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nIt\u2019s for good reason that a lot of brokers won\u2019t work with you unless you are pre-approved at a financial institution or an independent mortgage broker. A pre-approval means sellers can have complete confidence that any deal you make won\u2019t fall through due to financing. If you are in a multiple offer situation, this will likely give you the edge. <\/span>\r\n\r\nAnd there are benefits: You can forecast your finances because you\u2019ll know your downpayment and monthly payment amounts. And most mortgage brokers lock in an interest rate for a period of time so you\u2019re protected if rates go up. Plus, you\u2019ll get final approval of the sale much quicker because the bank already has your paperwork.<\/span>\r\n
\r\n \t
\u00a0Not shopping around for the right broker<\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nJust because a real estate broker has a lot of listings doesn\u2019t mean they\u2019ll be a great fit. Sometimes busy brokers have less time for you. Your broker should be available, resourceful, and ready to understand your needs. Make a list of questions and do a short phone interview before you meet with them in person. You should feel comfortable and have confidence they will go to bat for you. <\/span>\r\n\r\nRemember: <\/b>If you don\u2019t have a broker, the listing broker will end up representing both parties. A dual broker cannot divulge confidential information about one client to another and is acting as intermediary. However, that listing broker\u2019s client is the seller. They have a brokerage contract agreement. It is in your best interest to have a broker who is working exclusively for you.<\/span>\r\n
\r\n \t
\u00a0Not sticking to initial goals<\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nBefore you start looking, write out exactly what you want in order of preference to create a go-to guide. Knowing your limits \u2014 what you can and can\u2019t live without \u2014 will help you avoid a disastrous impulse decision. You\u2019ll most likely face compromises. It helps to be clear about your intentions from the start.<\/span>\r\n
\r\n \t
\u00a0Thinking there is only one perfect house out there<\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nI always tell my buyers that the house will pick them and not the other way around. Yet, being open to compromise is a must. It's rare that a buyer will be able to tick every box on their list. When you walk into \u2018your\u2019 home you should feel it right away. Then, ask the right questions, play devil\u2019s advocate, and make sure it\u2019s really the right fit for you. <\/span>\r\n
\r\n \t
\u00a0Not having a home inspection <\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nTrying to save money by not having an inspection could end up costing you a lot. A qualified home inspector will provide a professional report that includes every part of the building\u2019s infrastructure. They will give you a timeline for maintenance and repairs. This is an invaluable service. Make sure your inspector has a professional license and is insured.<\/span>\r\n
\r\n \t
\u00a0Not following through on due diligence<\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nOnce your offer has been accepted, it\u2019s time to find out as much as you can about the property you want to purchase. Make a list of any concerns you have such as: the neighborhood\u2019s crime rate, schools, right of ways, neighbors, environmental conditions, traffic, etc. When buying a condo, the approval of the condo documents and understanding of how the building is being run is part of your research. Your broker will be able to provide all this information<\/span>.<\/span>\r\n
7.\u00a0 Not knowing total cost involved<\/b><\/h4>\r\nA LOT of people don't realize all the costs involved: a building inspection, land transfer tax, notary costs, adjustment costs at the signing, insurance costs, etc. Another important expense people tend to overlook is the immediate cost of renovations. Replacing a roof can be thousands of dollars.<\/span>\r\n
\r\n \t
\u00a0Freaking out at unforeseen\u00a0circumstances<\/b><\/h4>\r\n<\/li>\r\n<\/ol>\r\nAsk any broker and they\u2019ll likely guarantee that the unexpected will happen. Buying a property is a complicated process. Stay calm and trust that your real estate broker is doing their best to make the deal run as smoothly as possible. Problem solving is a huge part of the job. <\/span><\/i>","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-selling"],"yoast_head":"\n