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Arranny Khuong
Real Estate Professionals Inc.
202, 5403 Crowchild Tr. NW, Calgary, Alberta
P: 403-629-0282
F: 403-592-9016
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Tuesday, July 27, 2010 - 10 Worst First Time Homebuyer Mistakes

For most people, buying their first home will be the single biggest investment of their lives.  Here are some mistakes to avoid in order help make this once in a lifetime experience enjoyable and memorable for all the right reasons.

From Investopedia.com, the 10 worst first time home buyer mistakes are:

  1. Not knowing what you can afford.
    There's no point in falling in love with that dream home that will never be a reality.
  2. Skipping mortgage qualification.
    You should *really* know what you can afford (ie, what the bank will loan you).
  3. Failure to consider additional expenses.
    It's not all about the down payment.  There are legal fees, moving expenses, maintenance, taxes...  Be aware of all your expenses.
  4. Being too picky.
    Unless you have an unlimited budget - not a good idea.
  5. Lacking vision.
    You can always do minor repairs on your own at a much cheaper cost than paying for it on your new home.
  6. Being swept away.
    Don't be fooled by cosmetic changes and home staging - you will pay for it.
  7. Compromising on the important things.
    Don't get a 2 bedroom condo when you have 4 kids.
  8. Neglecting to inspect.
    Don't skip the home inspection!  You may be able to negotiate a lower price or walk away from a money pit.
  9. Not choosing to hire an agent or using the seller's agent.
    You may as well have a professional work for you - in most cases, it won't cost you a dime.
  10. Not thinking about the future.
    Do the future plans of the neighbourhood fit in with YOUR future plans?

Read more at:  http://ca.finance.yahoo.com/personal-finance/article/forbes/1730/10-worst-first-time-homebuyer-mistakes

posted in News at Tue, 27 Jul 2010 14:14:13 -0600



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