I've said before that if you're in the real estate game, there are certain things you take for granted, and I think the most common is that people have a better understanding of the real estate market and industry than they actually do. When you deal with property information day in and day out, you tend to assume that everyone else has a similar understanding and of course that's just not true. At Century 21, we pride ourselves on being local experts, which means that you don't have to be. But if you are thinking about buying a property, there are a few common mistakes that people make, especially first home buyers. So I thought I'd outline a few of them here, and hopefully stop you from making any of them.
Not getting pre-approved finance is a common error. Most real estate professionals will agree that the falling in love with a property process should wait until after your financial homework is done. Make sure you know what you can afford to spend, and that you have access to that amount before you start shopping around. The last thing you want is to find the home of your dreams only to be told you'll never qualify for the loan you need to make it yours.
As much as I may sound biased, another common mistake is not working with a real estate agent. But I say this with the best interests of both buyers and sellers as heart, and it's something I've also said before. Purchasing or selling a home is a complicated process and you want someone who knows the ins and outs of it and who has the experience behind them to help you negotiate the best situation. Take the time to find the right agent for you who takes the time to find out what's really important to you. A good realtor will also give you the advantage of removing emotions from situations when you may not be able to.
This is an issue in many aspects of life, but its particularly important when it comes to a decision of this scale – don't let other people's opinions influence you. It doesn't matter if your mother, brother, father in law or your best friend despise the home you're considering. You're the one who has to live in it. It's your decision. Young first home owners often want the approval of others when it comes to their first property purchase, but you need to work out if it's more important to please others, or find a home you can see yourself being comfortable in.
If you do fall in love with a property, don't forget to ask yourself the sensible questions about things like resulting commutes, access to facilities you use often etc. Ask questions like if you really are prepared to make the change from inner city living to a suburban life? Although the tiny paved courtyard you currently use as outdoor space has you hankering for a massive garden, are you prepared to tend to it when you get it? There are mundane aspects of home ownership and they'll rapidly kick in once the buzz of buying what you think is your dream home has worn off.