Ready to enter the housing market? Avoid these common first-time homebuyer mistakes by planning ahead, leaving room for the unexpected and getting financially set up, so you can buy your first home with confidence.
Thoughtful planning is key in avoiding first-time homebuyer mistakes. Avoid jumping to conclusions by gathering all the information you need at every step of the process.
Competitive housing markets can make it easy to hurry through a process that needs your careful attention. Give yourself as much time and space as possible at every step of the process, including when you choose an agent, a mortgage broker, or a financial advisor.
The frenetic intensity of a bidding war and a competitive market can make it easy to buy beyond your means; especially if you’re already envisioning yourself living in the home you’ve made an offer on. Just because you have savings that allow a certain amount, or you’re offered a generous pre-approval, doesn’t mean that using everything at your disposal is right for you. A great financial advisor can help keep you in check.
Make sure you understand closing costs, administrative fees, moving costs, property transfer costs, moving costs, appraisal costs and the price of any potential renovations.
Homebuying can be both exciting and stressful. Building a connection to a home can feel like falling in love, but overly excited homebuyers are more likely to make mistakes or knee-jerk decisions that they’ll regret later. In a competitive market, it can be frustrating to make repeated offers and to lose homes you get your heart set on. Prepare yourself for what the process might bring up so you can avoid first-time homebuyer mistakes and make choices you’ll be happy with for years to come.
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.
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