Mistakes to Avoid When Buying a Victoria Home

July 1, 2021

Buying a new home should be an exciting time for you, especially if you’re doing so for the first time. It’s a significant asset, it shows the level of responsibility you’re willing to bear, and it’s a huge step for you and your family as you finally have somewhere to call your own. With that said, the buying process is a complex one. You’ve got to put on your clever cap, especially when negotiating with the seller and the costs and expenses. It’s a detailed process that requires you to bring knowledge and poise to the table. Whether you’re new or a professional in the home-buying business, these tips will help you stay out of trouble. Below are 4 mistakes to avoid when buying a Victoria home. Keep reading to learn more, and to make the process of buying a home with the best realtor in Victoria BC easier.

Mistakes to Avoid When Buying Your Victoria Home

Do Your Research

A lack of proper research is one of the most common and naive mistakes a prospective home-buyer can make. One of the main things you need to do is research. First off, you need to learn more about the neighborhood that you’re moving into. Not only do you want your home to be top quality, but you also want it to be in the safest possible neighborhood. You should also look into the value of the home itself and homes that have the same amenities as the one you’re buying. That ensures you’re not paying more than you should be for the home. Most of all, you should get a proper scope of your family’s finances and needs. Analyze your assets. Find out about the quality of schools for your children. And learn about transportation so that commuting to work and other essential places is manageable.

 

Don’t be Influenced by the Market

Your family’s and your needs matter most with a crucial decision like buying a home. Letting market conditions influence your decision-making will cause panic and could leave you pulling out of a potentially viable deal. Today’s housing market is drastically inflated by the onset of the global pandemic, turning the market into a seller’s market. However, the market in Victoria should cool off sooner rather than later. And, even then, if you’re ready, why wait? If you know your finances and know the needs you and your loved ones are prioritizing, you should go for it. Don’t let short-term conditions affect your long-term planning.

Avoid Getting Attached

Buying a home is an emotional achievement for you and yours. That natural emotion is understandable. But, you should never allow the seller’s agents to see that emotion and capitalize on it. Agents are professionals at negotiating; they also read emotions well and use them against prospective buyers. Keeping an even-keel demeanor throughout negotiations can ensure your pocket isn’t being squeezed because they sense how much you really like a home. If you want, stay focused on securing the deal and treating it like the business transaction it is. If not, move on to the next one. Simple as that. 

Don’t Underestimate Buying Costs

As said, buying a home is complex. A big reason for that is costs that go beyond the down payment and mortgage bill — costs that some buyers either underestimate or completely overlook. Acquisition costs range from stamp duties to loan application fees. You also have to factor in mortgage insurance, valuation costs and rates in those acquisitions costs. You should also put some money aside if there are any breakdowns or sudden changes that you need to account for. 

 

If you need a top quality realtor in Victoria who can help make your house hunt a successful and enjoyable experience, then you’ve come to the right place. Let’s talk right away.

Brad Maclaren ThreeBest Rated Best Business of 2022 Excellence Award