The 7 Deadly Sins of Homebuyers

Seven deadly sins of homebuyersBuying a home can be quite unnerving considering you are about to spend a significant amount of money.

But if you can avoid the seven deadly sins of homebuyers, then there is no doubt that you will come out ahead and without any trepidation regarding your purchase.

Deadly sins of homebuyers #1

Not pre-qualifying for a mortgage
Home hunting is likely the part that is the most fun when it comes to finding your home, but without pre-qualifying for a mortgage, how will you know how much you can afford?

Before you even begin to look at homes, you need to head over to a lender or a mortgage broker and figure out exactly how much home you can afford. The last thing you need is to find the perfect home and discover that it is way out of your budget.

Deadly sins of homebuyers #2

Not considering the real costs of home ownership
The cost of a home does not begin and end with a mortgage; there are property taxes, minor repairs and renovations, interior design, homeowners association fees (for condos) and insurance to consider.

So before you decide to jump into this head first, make sure that you understand all the costs of owning a home.

Deadly sins of homebuyers #3

Believing that there is only one home for you
I was one of those people who fell into the trap of believing that there was only one home out there for me and I wouldn’t stop my hunt until I found it. Guess what? I wasn’t able to find that home.

Buying a home tends to be a process of deduction. Find out what it is that you don’t like about a home, list the things that are absolute “must-haves,” and the “nice to haves.”

7 deadly sins of homebuyersOpen yourself up to the possibilities and visit plenty of homes on the market in order to figure out the things you hadn’t thought of the first time around. Remember that this is a dwelling that you live in for years, so you need to make it count.

Deadly sins of homebuyers #4

Not doing your research
The minute you find a home that you love and want to buy, you need to start thinking about the surrounding area. Are there schools nearby? What are the neighbours like? How will traffic be going to and from work every day?

Before you commit to a home, make sure you can commit to its surroundings and take the time to figure out if it’s right for you.

Deadly sins of homebuyers #5

Not getting a home inspection
While some might think that home inspections are a waste of money, or just want to forgo this step and save a few bucks, in the long run, this could really cost you.

A qualified home inspector can go through the entire home, including the outside and create report that brings to light any and all issues with the home. I recommend that you find a home inspector through word of mouth from friends or family, and ask for their credentials before you hire them.

Deadly sins of homebuyers #6

Not considering the future
Sure, right now you’re living the single life and a condo with a bedroom and an office is a great choice. But when you begin dating someone, then get married and start a family, will this be the ideal living situation?

Consider what your life might be like in five years from now and really consider where you want to be, and with whom.

Deadly sins of homebuyers #7

Buying mortgage life insurance
Mortgage life insurance covers the remaining amount of your mortgage should you pass away, whereas term life insurance provides your family with a specific amount of money that they can use towards the home in whatever capacity they need.

If you have the choice between mortgage life insurance or term life insurance, I strongly recommend that you go with the latter.

Any other deadly sins of homebuyers?

Buying a home is a smart move, as it’s a tangible asset, but you need to ensure that you have all your ground covered before you commit to a purchase.

If you are ready to make a home purchase and have all your ground covered, visit today and find the home of your dreams.

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1 comment

  1. Fred says:

    Buying a house is a great goal for the New Year. Make sure that resolution has some back up with a life insurance policy. You can get a quick and easy quote from IntelliQuote in just minutes. Find out how little it could cost to keep (and protect) that home for future generations.

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