March 14, 2011
The Globe and Mail has an interesting article today that outlines eight common mistakes people make when buying a home.
As the article asserts:
“Buying a home is a very emotional process, and allowing those emotions to get the best of you can cause you to make any number of mistakes.”
Its true, and, though the rules seem to have resale purchasers first in mind, the same logic applies for people interested in purchasing a new home or condominium.
Here are the Globe’s rules – with our additional rule following them up:
Mistake 1: Falling in love with a house you can’t afford
Mistake 2: Thinking that a particular house is the only one that will suit you
Mistake 3: Being so desperate to become a homeowner that you buy a place that doesn’t suit you
Mistake 4: Overlooking important flaws in the structure, appearance or location of the house
Mistake 5: Thinking you’re a handyman when you’re not
Mistake 6: Putting in an offer before carefully considering all the pros and cons of the property
Mistake 7: Being too slow to pull the trigger
Mistake 8: Offering more than a house is worth
And the single BuzzBuzzHome mistake to avoid when purchasing new homes and condos specifically. . .
Assuming that model suites/showhomes/marketing material always faithfully reflects what your finished product will look and be like.
Usually it will, of course, but there may well be important areas where your finished unit is slightly different than, say, a model suite – ceiling heights and standard fixtures in particular may not ultimately be quite as they appear.
The morals of both the Globe’s story and our addition? When buying a new home, try to stay as cool and impartial as possible and do as much research as you can (hello, social media!) before signing the dotted line.
To read our very own expert Matthew Slutsky’s Top 10 Insider Tips When Purchasing A New Condo, click here.