🧐 The Most Common Mistakes First-Time Home Buyers Make in Ontario.

 🧐 The Most Common Mistakes First-Time Home Buyers Make in Ontario.

In this article, we'll discuss eight common mistakes and provide tips on how to avoid them:

Not Knowing Your Credit Score: To get a mortgage, a broker will ask you to provide complete information about your finances and credit history.

 Regularly exceeding credit card limits or failing to pay off your monthly balance can negatively impact your credit score. 

Even if you're confident you have a good credit history, check it (cases have happened).

Lack of Pre-Approved Mortgage: Get pre-approved to determine the maximum amount you can borrow and the price range you can afford.

Using the Full Loan Amount: First-time home buyers often underestimate the costs associated with home ownership. 

Buying a Property, You Visited Only Once: Don’t rush; schedule a second viewing. Remember that all decorations will be removed from the house. Try to see the actual condition of the home/apartment.

Skipping the Home Inspection: Nowadays, sellers try to provide an inspector's report on the home's condition. If this is not available, order an inspection yourself if possible. This will help you understand the actual state of the property, identify potential problems and necessary repairs, and aid you in price or purchase condition negotiations.

Underestimating the Scope of Work: You may not always find a property that perfectly matches your preferences. Before making an offer, assess the necessary repair work (roof, doors, windows, etc.).

Ignoring Closing Costs: Buying a first home involves more than just the down payment. Consider moving costs, furniture, notary services, property transfer taxes, and property taxes in your budget before starting the “adventure” of buying a home.

Not Researching the Neighborhood: You can change many things in a house, but you cannot change the neighborhood where you liked the property! 

💥Schools, parks, transportation accessibility, and safety are all more important than the condition of the "kitchen cabinets"!

👉 P.S. In July, I am planning a meeting for first-time home buyers (in the High Park area). 

This will primarily be a time for socializing, getting acquainted, and answering questions. There will also be a detailed explanation of the home-buying process, as buying a condo and a house requires slightly different approaches. And, of course, there will be a lottery and some treats for all of us!

💥 Please contact me if you are interested in this format of meeting.

Sincerely, 

Alla Poltavski is a real estate agent in Toronto and the surrounding areas. 

I am always happy to advise you on any real estate-related questions.

☎️ 416 735 3158 

#etobicokerealtor #portcreditrealtor #mimicorealtor #highparkrealtor #mississaugarealtor #FirstTimeBuyer