5 DEADLY MISTKAES MOST HOME BUYERS MAKE

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5 DEADLY MISTKAES MOST HOME BUYERS MAKE

In the past few years, mortgage regulations have changed notable expanding the options for home buyers and investors. Whether you are about to make your first investment or not, getting the right information is a critical aspect that can in the process of purchasing a property.

Below are a few deadly mistakes most people make when purchasing a property. Get informed and avoid making these following mistakes:

  1. Choosing the Right Agent is probably the most crucial aspect of punching a property. It is important to choose a real estate agent who is committed to building a strong business relationship with you. It is significantly important to choose the right agent that you can build a professional connection with in order to meet your needs.
  2. It is important to know the total cost involved in purchasing your new property before you make an offer. Before you buy a a property, it is essential to examine your settlement statement prior to closing in order to account for all costs and fees related to the purchase. In doing so, you also need to avoid making an offer without first getting a pre- qualified mortgage approval. Avoid making an offer before a pre- qualification while at the same time get informed i regards to all costs and fees involved in the purchase of your new property.
  3. Whether you are buying an investment property or a new home to live in, it is essential for one to consider the long-term needs. It is very important to think ahead and ask yourself if this new property you are buying today will serve your needs in 3-5 years? Or ever 5-10 years? Considering your long term use and needs of the property allows you to make a more informed decision in purchasing a new property.
  4. When purchasing a new home, it is important not create a narrow parameter for the “perfect home”. Try not to create a narrow minded “must haves” list because you might end up missing out on other things you may have failed to consider. Think of a home search as a process of elimination, don’t place too many unnecessary specification because that might limit your options.
  5. Once you find the perfect property, do not forget to get both a home inspection and a protection plan. The home inspection protects you from purchasing a home that looks like its perfect condition but could actually be structurally deteriorating. In addition to inspecting your new home, its also important to buy a home protection plan for at least the first year in order to protect you against any damages that may occur to the home within the first year of purchase.

Buying a property, wether it is a home to live in or an investment, is among some of the most important decisions you make in your lifetime. Get informed about the process, do your research before making a commitment.

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FOR ANY QUESTIONS, CALL SAM ELGOHARY 416-565-5925

Sam Elgohary

Sam Elgohary is a Real Estate Broker with Century 21 servicing his clients in the Greater Toronto Area (GTA). He has a wide range of experience in Pre-construction Development and resale and is always looking to give his clients the most up-to-date knowledge about the market to help them in making new investments or selling their homes. His close connections with builders and a wide network of agents give him a competitive edge on everything to do with Toronto Real Estate. Connect with Sam: Cell 416-565-5925. You can find Sam Elgohary in Google +