Connie Grant Real Estate

You don't ask enough questions of your mortgage lender or bank and you miss out on the best deal. By having a mortgage associate explain the different options available to you for your mortgage, you will be comfortable with your future home purchase.

Connie's Tip: Lock in a pre-approval mortgage rate for 90 days if possible. That way if interest rates climb, you will still receive the lower locked in rate. If interest rates drop, the mortgage lender will honour the lower rate.

You don't do your homework. Know what is happening in the real estate market before you make a purchase. Look at comparable properties for sale and ask what has sold in the same price range while looking for your new home.

Connie's Tip: Work with an experienced Realtor who takes the time to explain and to show you properties. So when your dream home becomes available, you can act quickly to make a decision before someone else buys the house.

You don't think about resale before you buy. The average home buyer only stays in a home for four years.

Connie's Tip: Ask about trends or development scheduled in the future of the neighbourhood you are interested in. Things like a busy road being built behind your home can negatively impact the value of the property in the future.

You let yourself be "house poor". If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance, decorating, or to save money for other financial goals.

Connie's Tip: Don't give into temptation. Always make sure that you can afford the home you want to purchase, not purchase the home you want to be able to afford.

You are naive. Insist on a home inspection by a professional. These experts will inspect your new home in about three hours and will review in detail all their findings with you.

Connie's Tip: Ask your inspector to offer suggestions for retrofitting your new home. There are excellent provincial and federal government rebates available if you choose to make your home more energy efficient.

You ask too many people for their opinion. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

Connie's Tip: Asking a trusted friend or family member to help you with your big decision is a good idea if it is your first home or an investment property.

You don't ask for help. Hire a Realtor. As a buyer's representative, they are working only for you. They will protect your best interests in a contract, and most time, real estate commission is paid by the seller with no cost to you.

Connie's Tip: Realtor's can check all available present and historical information, and can check title, to see that the home you are interested in is clear from any liens and encumbrances. This information can safely help you determine the correct amount, before you make an offer on the property.

You try to be a "killer negotiator". Negotiation is definitely a part of the real estate process, but trying to win by getting an extra-low price may lose you the home you love.

Connie's Tip: Even in a buyer's market, if you strong-arm the seller, they may not want to negotiate or deal with you at all. Ask your Realtor to find out background information to help determine the seller's motivation before you place a "low-ball" offer.

You are a procrastinator. Once you have an accepted offer on the home you want to buy, make sure you book your inspector and finalize mortgage details as soon as possible.

Connie's Tip: Any conditions on your offer should be dealt with immediately. With a conditional offer, the seller can always seek a "back up" offer. Therefore, if you need more time because you were procrastinating, they will probably not extend your time limit and choose the second offer, costing you to lose the home.

10.

Don't just buy any house — buy the one you love! No home is perfect, but if it delivers on all the major things, and you know it "feels right" and makes sense logically — then buy it!

Connie's Tip: Buying a home is a big commitment, but when you have found the right home and you are not buying impulsively, the financial, emotional and mental rewards will be clear and you will know you have made the right decision.