Top mistakes that buyers make
1. Not working with a mortgage broker and getting preapproved first.
A good mortgage broker can be the difference between getting the place that you want or losing it to someone else.
2. Not using an experienced and trustworthy real estate agent.
3. Not taking your agents advice.
4. Waiting too long to buy.
In a rising market, like in many areas of Toronto, waiting too long can end up costing you tens of thousands of dollars or being priced out entirely.
5. Being too picky.
No place is perfect. There is always some compromises to be made. Even buyers with multimillion dollar budgets make compromises.
6. Not having deposit money ready.
Deposits are usually due within 24 hours of offer acceptance and are generally around 5% of the purchase price.
7. Taking advice from the wrong people.
We get it. Many people turn to friends and family members for real estate advice, but they are not the experts. They maybe buy or sell 1 place every 3-5 years or more.
8. Being slow.
If a great place comes to the market on a Monday and you can’t see it until Saturday then often times there is a good chance that it will be sold by then, or you will be competing with multiple offers and probably paying more for the place then if you would have gone right away!
9. Using a friend of family member that’s not qualified.
We get it. It’s nice to help a friend or family member out, but their lack of experience and expertise can end up costing you tens of thousands of dollars and many headaches. Approx 10% of agents do 90% of the business.
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