When one is purchasing a house or any real estate property, there is a possibility of one making a mistake that could cost them a lot of money more especially if they are doing it for the first time. In this article, we are going to highlight some of the common mistakes that you should avoid when you are purchasing a home or a real estate property in Canada.
Common mistakes when investing in property
Not considering factors that affect future resale value
Numerous factors are likely to affect the resale value of your home in the future. Although some of these factors can not be determined clearly, most of them are clear and should be taken into consideration when you are making a decision. Ensure that you have opinions of the experts before you make the final decision.
Some of the factors that you should take into consideration here include the location of the house that you want to purchase, plus the size of the home also.
Buying a house for the short term
The first mistake that you should avoid when purchasing a home here is buying it with your short-term needs in mind. Because in recent years it has become very expensive for one to move around from house to house, one is advised to think more long-term when they want to purchase a house here. Research has shown that most first time home buyers will live in their homes for about 5-6 years then they will change their preferences plus the change in personal situations, and they will also require more space.
This is when one sees the need to purchase and move into a new home. Bearing in mind the cost of moving, the commission and the transfer tax that you will need to pay, you are always encouraged to think long-term when you are making a home purchase.
So that you avoid being in such situations, it is advisable that you spend a little bit more so that you can purchase a home in which you can spend a little bit more years in it. If it is possible, you should purchase a home that has a finished basement or an extra small bedroom so that it can buy you more time in it.
Being too choosey and picky
As an individual who is purchasing a home for the first time, it is obvious that you have many things that you want to buy. When you are in such a situation unless you have a surplus to spend you will have to make compromises on some things. Some of the things that you might have to deal with include putting up with an outdated décor, having an extra bathroom, or even having to conduct some repairs by yourself.
Being swept away
When dealing with real estate sales agents or any sellers, be careful as they can use the many tricks they have to ensure that they enhance the look of any particular house in an endeavor to generate more money from the sale.