Did you know you can make a lot of mistakes during the home-buying process that can make you kick yourself later? Of course, this might not seem like a big deal to you now - you might have had such "buyer's remorse" episodes many times in your life. However, what many homebuyers fail to realize is that a home is one of the most expensive purchases you’ll make in your life. So, any mistake you make in this process can cost you a lot, doubling the regret and remorse.
Want to know what are these errors you might also end up making when buying an MLS listing in Toronto? Then, read these common mistakes that most homeowners wish they hadn’t made in their buying journey. These are the mistakes you would want to avoid if you do not want to look back on your home-buying journey with regret.
Starting the House Hunting Process When It's Too Little, Too Late
No doubt, the new listings for sale in Toronto have been piling up every month. Even then, when you do not take enough time for the house-hunting process, you can end up with a lot of regret. This is because finding “the one” usually takes a lot of time.
Because of this mistake, many homeowners have been pushed to settle for a home that doesn’t truly meet their needs or they had to pay more than they had budgeted. This is especially true for buyers who have an expiring lease or those who need to move quickly before their kid’s school starts.
What homeowners wish they did instead?
You must start exploring MLS listings in Toronto right after you get your mortgage pre-approval. Ideally, you must aim to shop around for houses at least six months before you plan to move. This timeline gives you plenty of time to look around different neighbourhoods and houses and find the perfect fit for you.
Also, it helps when you know what you truly want in your new home. This clarity can help you focus better during your home search process and avoid getting sidetracked by houses that don’t meet your criteria.
Deciding Against Hiring a Realtor and Doing It All Yourself
Realtors usually bring a wealth of knowledge and experience to the table. They know the Toronto local housing market inside and out and they can even help you find homes that aren’t listed online.
Plus, negotiating a home deal can be tricky, especially if this is your first time buying a home. But when you have a skilled Realtor by your side, you can rest assured that they’ll advocate for your interests and help you win the best deal possible. So, basically, going to buy the MLS listing in Toronto solo without the help of a Realtor can turn out to be a big mistake.
What homeowners wish they did instead?
Before or right after getting the mortgage pre-approval, hire a reputed Realtor who can understand your home-buying needs and who knows about the local housing market. This expert will help you find the perfect MLS listing in Toronto smoothly and avoid costly mistakes.
Not Paying Attention to Small Details in the Home You’re Buying
It’s common to focus on the big picture when buying your first home like the overall size or location of the house. But only centring your attention on these big details and ignoring the smaller things can turn out to be a big mistake for you. This is because the seemingly smaller details in the home can add up to bigger issues later on.
For instance, if you skip checking the age of the roof or the condition of the appliances, you could end up facing hefty repair costs once you become the homeowner. What we mean to say is that these issues may seem minor at first but it can lead to regrets that stick with you for years.
What homeowners wish they did instead?
First, make a checklist to carry during the tours of the MLS listings in Toronto; it’ll help you keep in mind the essential things to look for in the homes. Also, do not forget to get a professional inspection done before making the home yours. This expert inspection can help you catch the small issues in the home that you might have missed and give you a clearer picture of what you’re buying.
Not Checking If the Home Is Located in a Good School District
We’ve seen a lot of homebuyers turning a blind eye to nearby schools when they don’t have kids or plan for it in the future. But they soon realize after saying yes to a home in a bad school district that they made a huge mistake. That’s because the school district plays a key role in the resale value of your home. Homes in top-rated school districts often appreciate faster than those in less desirable areas. Hence, if you ever decide to sell your new home down the line, you could miss out on a lot of money if your area isn’t known for good schools.
What homeowners wish they did instead?
Make sure the MLS listing in Toronto you’ve been eyeing is located near good schools even if you don’t have or will have kids. A great school district means better resale value, more potential buyers, and also an overall better atmosphere in the neighbourhood.
Not Trying Hard Enough to Get a Good Deal on the House
Did you know that when sellers set a listing price for their home, they often leave a bit of wiggle room for negotiations? Yes, that’s right! This means that if you don’t negotiate with the home seller, you could actually be leaving money on the table.
Not only that, most homebuyers don’t realize that negotiation can go beyond the home purchase price. You can also talk about things like closing costs, repair requests, and even furniture or appliances included in the sale during negotiations. All these little things can save you a significant amount of money while buying the MLS listing in Toronto.
What homeowners wish they did instead?
Before you sit at the negotiation table, arm yourself with information such as the price of similar homes in the area. This can give you a better idea of the lowest price you can offer on the house. Also, keep in mind that you can ask the seller to cover part of your closing costs or request that certain repairs be made before you move in.
Ready to Start the Journey to Your Dream Home in Toronto?
Before you kickstart the home-buying journey, make sure to hire an expert Realtor in Toronto. A reputed real estate professional can help you dodge the mistakes we’ve talked about above and many others that you didn’t even know about yet. With their help, you can enjoy the home-buying process much more and feel secure that you have made the best decision. So, hire an expert Realtor and start exploring MLS listings in Toronto now!
Read More:
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