We’ve given you a lot of tips lately about how to buy a home. But along with ways you can buy a home, there are also lots of mistakes you can make when purchasing a home. So, what are those? Here we’ll break down some of the biggest mistakes you can make, and why you should avoid them.
Falling in love with a home you can’t afford
Paying too much for a home, even the nicest dream home, is a mistake that you’ll have to pay the consequences for for at least 25 years, so make sure you don’t do it. If you can’t afford a home, don’t even look at it so you don’t get tempted into rationalizing why you can afford it (when you still can’t.) That doesn’t mean that you have to end up in a shack, but it does mean that you may have to start looking at homes that don’t have the newest state-of-the-art appliances, or other upgrades and features that you just can’t afford.
Thinking there’s nothing better out there
Some buyers spend so much time looking for a home that eventually, they give up and think they’ll never find the house that’s right for them. But homes in the same neighbourhood are often built very similar to one another, so if one doesn’t have that walk-in closet you’ve been dreaming about, or a finished basement, the chances are good that you’ll find it if you keep looking at another house or two. Also, many homes in the same neighbourhood, or even the same city, have been constructed by the same builder. Because of that, many of these homes will also come with the same features, such as that closet or extra suite. So don’t end up buying a home with major structural issues or defects just because you think you can’t find anything else.
Buying something you don’t really like
Again, because some buyers think there’s nothing better out there, they end up buying a house they don’t really love just because they’re worried about missing the boat. But don’t jump into that not-so-great home just because you’re worried you won’t find something perfect for you. Consider the cost of what buying that home will be. Not only will you have to fork over hundreds of thousands of dollars for a home you don’t like, and live with in it (hating those cracks in the walls or the gaudy floors while you do,) but it will also cost you a lot to get rid of it when you eventually decide to sell (and you will decide to sell it at some point!)
These are just a few of the biggest mistakes you can make when buying a home, but there are a few others that bear mentioning. Come back tomorrow, when we’ll tell you about a few more mistakes, and how you can avoid those too.
