5 Deadly Sins of First Time Home Buyers

First time home buyers in Chatham-Kent often make mistakes. In fact, making mistakes is a standard part of the home buying, and home owning process for a first time home buyer. The goal however, is to minimize the impact of these mistakes by avoiding the big, deadly sins of real estate. As an experienced Chatham-Kent realtor, I'm here to guide you through the process of buying your first home, however, some of these mistakes will and can be made before ever speaking with a Chatham Ontario real estate agent. Here are five deadly sins often made by first time home buyers in Chatham-Kent, and how to avoid them:

1. Not using a professional real estate agent

Real estate agents are trained professionals, who have helped other first time home buyers work through this stressful process, and are knowledgeable about laws, procedures, and the negotiation process related specifically to the Chatham-Kent real estate market. Did you know that on average, people who use professional real estate agents in Chatham-Kent often save more money when purchasing a home. It's true! Without the guidance of a professional Chatham-Kent real estate agent, and their objective eye, you could find yourself purchasing a lemon, getting swindled into a bad deal, or missing crucial steps in the first time home buying process.

2. Skipping the home inspection process

When you're buying your first home, you can never afford to skip the home inspection process. Often first time home buyers think that by making an "as is" offer, they're increasing their chance to have their offer accepted, when in reality, all they're increasing if their chance to lose money, and lots of it. Buying a home is a huge investment, and sinking your money into a home with hidden issues, will create a money pit which could throw you into debt like you've never imagined before. Cracked foundations, gusty windows, water damage, termites, illegal electrical, non-functioning furnaces, or leaking roofs. It's all possible, and it's all preventable with a proper home inspection. Home inspections are an expected part of the home buying process by the seller, so don't put yourself in a bad position by not demanding a home inspection.

3. Losing site of your budget and other costs

First time home buyers in Chatham-Kent need to make a budget, stick to it, and even build in a significant amount for unforeseen costs. If your dream home and your budget don't match, consider purchasing a starter home in Chatham-Kent and allowing your equity to grow naturally. Similarly, first time home buyers need to get pre-approved for a mortgage. This will allow you to set your budget realistically, and save you the time and money you would have spent by searching for properties you can't afford, or worse, putting an offer in on a house you can't pay for. Finally, owning a home comes with dozens of "hidden" costs you won't experience when renting.

Many first time home buyers don't expect a furnace to die immediately, a roof to leak, or even the surprise cost of property taxes (usually $2-3 thousand per year). Every Chatham-Kent home comes with costs and these costs need to built into your budget.

4. Leaping in before you shop

The Chatham-Kent real estate market is filled with dozens upon dozens of amazing properties. Somewhere in this diverse Municipality, a property exists that fits your needs, and your wants. Make a list of "Must Haves," and a list of "Wants." If you have to give up some of your "wants," that's normal, but sacrificing too many of your "must haves" will leave you unhappy with your real estate purchase.

5. Forgetting about the future

Most first time home buyers don't stay in the same house permanently. Even if they do, it's important to keep an eye on the future. For example, if you plan to have children, you'll need extra bedrooms. Looking to the future, not just tomorrow, is important for first time home buyers in Chatham-Kent.

If you are a first time home buyer in need of an experience Chatham-Kent realtor, visit my title="Contact Patrick Pinsonneault">Contact Me page or give me a call at 519-360-0141.