Top Mistakes First-Time Homebuyers Make in Victoria

December 4, 2021

It can be an exciting and stressful time when buying your first home in Victoria, BC. There are a lot of things that you should consider, which can be overwhelming. Knowing about some of the common pitfalls will help you to avoid them. Take a look at some of the most common mistakes first-time homebuyers make in Victoria BC when they’re purchasing a house.

Mistakes first-time homebuyers make in Victoria

Forgetting to Get Preapproval

Before finding a house, you must get pre-approved for a mortgage. This will give you an idea of how much money you can spend and what neighborhoods you need to find properties in. The last thing you want is to set your heart on the house you can’t afford. With mortgage preapproval, you can be actively searching for a place rather than looking without any guidelines. 


Forgetting a Buyer’s Real Estate Agent

Most people think looking at open houses is all they need to do to find a house. That may not be the case. Your top realtor in Victoria BC, may be able to help you find a house. It will be their job to represent you. In addition to ensuring you get the house that suits your needs, they can ensure you pay a fair price. They can also show you neighborhoods that are suitable for you so you don’t waste your time.


Seeking a Brand-New House

There’s nothing like a brand new home. Homebuyers find that these new homes are full of all the features they’re looking for, which also means they’re costly. In most cases, buying a house in need of repair and repairing it yourself will save you money. You may find that the house has potential.


Unwilling to Compromise

Your heart is set on buying a house you like; you’re on the right track. Buying a house is a negotiation, so it is important to remember that. You might pay too much for a home if you’re overly emotionally attached to it. You do not have to love a house to buy it. The seller might reject your offer. You might be outbid by someone else. You shouldn’t let that discourage you from looking. Don’t worry because you’ll find the right house for you. The same can be said for smaller features. You want to be willing to compromise in your search. Perhaps you wish to purchase a home with hardwood flooring and granite countertops. However, you can add all of these renovations later, if necessary. When searching for a house, look at its bare bones and foundation, but also consider its potential to be your dream home. 


Spending Too Much

You don’t have to spend the entire amount of your mortgage just because you got one. After you buy your home, you will have other expenses to consider. Be careful not to end up with a debt that you cannot afford. Additionally, when you buy a house you will have to pay closing fees. Be aware of this, and be prepared to pay any extra fees that are incurred.


Jumping in Without a Real Estate Agent

Now you know about some of the common mistakes first-time homebuyers are prone to make in Victoria. Ready to take the next step on your real estate journey? The best way forward is with the help of Victoria BC’s best realtor. Contact Brad today to find out more.