Market Rebound Continues in September

1.  Doing it alone. Buying a house is a complex transaction. You’ll need a complete, dependable team: real estate agent, lender, lawyer, inspector, insurer, as well as referrals and advice from friends and family.

2.  Buying at first sight. You may be in love with the place, but does it fit your family’s needs and budget? Make a list of your needs and wants and make sure the house fits your requirements.

3.  Not getting pre-qualified and pre-approved. Being pre-qualified gives you a general idea of how much you can afford to borrow.

4.  Overbuying. You may qualify to borrow more, but can you afford to? Analyze your monthly costs: debt, food, transportation, entertainment, and savings. As a general rule, your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes.

5.  Misplacing your trust. No matter how much you like the agent, sellers, inspector, or the guy down the block who vouches for them, remember this is a business transaction. Your decision is binding.

6. Relying on oral agreements. Get it right and get it in writing.

7.  Skipping the fine print. You need to understand what you’re signing before you pick up a pen.

8.  Forgetting or betting on resale. Avoid buying a home that costs 50 percent more than neighbouring homes and think before buying the most expensive home on the block.

9.  Making an unconditional offer. Protect yourself with at least two of these contingencies in your offer: Financing, Home Inspection and Insurance.

10.  Having buyer’s remorse. No place is perfect. There will always be surprises. Don’t let a few initial blips spoil the whole ride. And don’t miss a great house waiting for the perfect one!