Buyers are brushing themselves off and getting ready for the busy spring Windsor house buying season. It’s an exciting time to look for a new home but it can also be a very emotional experience. The ups and downs associated with this experience can have far-reaching implications if you let your emotions get in the way.
One of the first things buyers, particularly first time home buyers, must recognize is that they need to check their emotions at the front door. Yes, this is often easier said than done, as who doesn’t get wrapped up in a home that they love? We all do! The problem is you are making a huge financial commitment and you must regard this as a business transaction as well as finding a home.
So what do buyers do? Here is a list of what we see the most often:
Falling in love with a home that is beyond their budget:
This is where pre-approval letters come in very handy. Prior to your house hunt, go to the bank and see how much they will lend you. Once you have this information, then you know what to tell your real estate agent. Start on the lower end of your budget. If you find homes that you like in this range, then there is no need to move on.
Not being open-minded:
Buyers often won’t look at anything that doesn’t fit their specific qualifications. If they insist that they must have a home on a cul-de-sac that is four bedrooms and three bathrooms with a swimming pool, then they are limiting themselves big time. Trust your real estate agent to show you properties that you may not have otherwise considered. Don’t ignore a home because you don’t like the outside curb appeal, or you don’t like a house because it has a bad paint job. These things can be changed.
Buying A Home As Is:
I rarely like to see people buy a home “as is” because there can be major, expensive repairs that can be overwhelming to correct. Keep in mind that there are plenty of homes available and something better will come along. You don’t need to start your home ownership with a massive headache and empty bank account.
Making a rushed offer:
In a seller’s market, or when multiple offers are on the table, making an offer quickly is necessary. But whenever possible, take a night to think about your decision. Take the time to research the neighbourhood, the school district, if your commute to work is manageable and if it has many of the requirements you desire. Check to make sure the price seems reasonable by having your real estate look at comps.
Taking your time:
On the other hand, don’t take your time thinking that the property will be there “next week.” The real estate market has improved in recent months, and all indications show that this spring we may be seeing the best home sells in several years. Even if a home has been on the market for several months, if the price drops, then buyers may take notice. If you really want a home, don’t wait to see if the price will lower, as another buyer may beat you to it.
Don’t give the seller everything:
Making too many concessions, like paying more than your budget, or foregoing a home inspection results when a buyer loves a home so much they will do anything to have their offer accepted. Next thing you know, you have lost all bargaining power.
Buying a fixer-upper….
…..when you feel you can personally handle the work yourself. Keep in mind that if you aren’t a person that possess handyman skills, it may take you longer and twice as long to make repairs or updates. Think twice about making improvements yourself if you don’t want your free time devoted to a house.
Don’t buy a home just to buy a home. This is a huge recipe for Buyer’s Remorse. Whether you have been outbid several times or you just can’t find what you are looking for but like the title of being a homeowner, remember that patience is needed to find a home that you will hopefully enjoy for many years.
The best advice we can offer a buyer who is starting the house hunt this spring is to find a home within your budget that fits the majority of your must have’s. There will always be houses on the market, so keep your options open and know that there is a right house out there for you.