Top 3 Home Buying Errors From The Ontario Real Estate Association

The Ontario Real Estate recently published a list of the top five home buying errors that people make, all of which can easily be prevented. Here are the top three:

Not getting pre-approved for a mortgage is a huge mistake.

#1: Not getting pre-approved for a mortgage

Not being pre-approved for a mortgage before you start shopping around is the biggest mistake that home buyers make. Not only does being pre-approved for a mortgage by your lender give you a clear idea of how much you can spend, it will let the seller and their agent know you are serious.

Read this anecdote on our Toronto Real Estate Blog detailing why being pre-approved can save everyone involved a lot of frustration.

#2: Not knowing what you must have in a home

Once you’ve moved into your new home, it is too late to discover that features you thought you merely wanted in a new home are things that you really must have. Before you begin looking at homes, draw up a list of your must-haves and separate them from your “wants”, whether these include a swimming pool, a third bedroom, a spacious kitchen or a large driveway.

#3: Getting emotional during the homebuying process

Buyers can get emotionally involved when it comes to selling their own home and buying a new one. For example, when selling a home you may be assigning higher perceived value to your home because of the memories attached to it, but the buyer has no sense of this value and that needs to be taken into consideration.

The full Ontario Real Estate Association press release is available here.

« Toronto Real Estate Lawyer Bob Aaron: Not All Detached Homes Are As They Appear | Home | More Of The Top Home Buying Errors From The Ontario Real Estate Association »