Paying too much for a home is a major fear for home buyers.
- Are you going paying too much?
- Is the home priced fairly?
If you are afraid of the possibility of overpaying for a home, do your research pay attention to local real estate market data and hire a trusted Realtor® who will give you honest insight into pricing and confident in negotiations.
- BUYING A LEMON
Some people will actively seek fixer-uppers, but if you are not one of them you may have the fear of buying a money pit. To overcome this fear and know what you are getting into, make sure to hire a qualified home inspector and communicate your fears to them – it is their job to find fault in the home you want to purchase, make sure to read the inspection report, ask questions and communicate to your Realtor® about any reservations you may have so that they may help you pull the deal, or renegotiate a better price.
- BAD NEIGHBOURS / NEIGHBOURHOOD
If you are living within driving, walking or transit distance to the area where you want to purchase a home, make sure to go to the neighbourhood and look around – really look around. Make sure to go at different times of day / days of the week and look at alley ways, parks, laneways, yards, etc so that you get a good idea of what the neighbourhood and your (potentially) new neighbours are like.
- INTEREST RATES
Interest rate fluctuations may affect comfort levels with monthly mortgage payments for some buyers. If you are worried about how interest rates will impact your financial security in buying a new home, hire a trusted mortgage professional and crunch the numbers with them. Run through different financial scenarios with them and see what payments would be ideal and comfortable – although your mortgage professional does not have a crystal ball, plan for the worst and hope for the best.