5 Common Home Buying Mistakes

The Ontario Real Estate Association, which represents some 50,000 brokers and salespeople from 42 real estate boards throughout the province, has released a list of the 5 most common mistakes buyers make in the real estate market.

Barbara Sukkau, president of OREA, says one common mistake is that buyers often don’t know their true financial limit. “Many people don’t know that there’s an easy way to calculate how much house they can afford to determine, regardless of competing bids, what lifestyle they want to maintain within the market,” says Sukkau. “In addition to the cost of the home, potential buyers should consider the land transfer tax, closing costs, moving costs and leave room for any unforeseen extras.” Similarly, one should also avoid the mistake of not getting pre-approved when making a bid on a home or piece of real estate.

Another common mistake is buyers who don’t know their must-haves or deal breakers in looking for property. According to Tom Lebour, an OREA board member working out of Mississauga, clients often get too excited about certain advantages and forget what their most important buy-criteria are. A beautiful deck with a spectacular view might distract from the requirement of having certain things within walking distance, etc.

The fifth mistake is letting emotions get involved in the negotiation process. Often when dealing with homes people assign a great deal of value to their property due to their cherished memories, but it’s very important to keep your emotions in check. Check out the write up over here.

About the Ontario Real Estate Association

The Ontario Real Estate Association represents 50,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves itsmembers through a wide variety of professional publications, educational programs, advocacy, and other services.

The real estate panel members provided input on common home buying and selling mistakes over email from November 8 to November 22. The panel consisted of nine OREA board spokespeople including representation from St. Catharines, Timmins, King City, Barrie, Oakville, Belle River, Mississauga, London and Ottawa.

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