COMMON MISTAKES TO AVOID

When buying a Home

Let's face it, buying a home is a major expense. But why make it more expensive than necessary? Play the buying game wisely and you can cut costs and buy the home that is best for you. Know and avoid some common pitfalls:

The Wrong House
Choosing the wrong house is a costly mistake. It may be too big, too small, too far from work, or is a fixer-upper and you're just not the handyman type.

Bidding Mistakes
Some buyers offer a contract above the true market value of the property, or fail to bid on a great value because they don't know the market.

Survey
A property survey may show the lot boundaries are different from the property plan. A neighbour's fence is over the line or zoning regulations have been violated. Ask to see the seller's survey and have your new survey done early.

Late Title Search
A title search may reveal encumbrances on the property title like tax liens, easements etc. Have the title search done early to avoid delayed closings, or collapsing deals.

No Home Inspection
Avoid surprises by having an independent home inspector check the house both inside and out.

Pre-paid Items
Some items such as property taxes get pro-rated. Avoid inaccuracies by asking for these figures a day or two in advance and check the charges.

Sellers part of the Deal
Repairs not made, items that fail to convey, or other contractual hang-ups can delay settlement.

Hidden Fees
Some lenders add questionable charges at closing that you were not made aware of. Avoid these fees by asking the lender at application time, exactly what fees are included, and what fees can be reduced or waived.

Last Minute Closing Problems
Insist on seeing the settlement sheets the day before closing. You will avoid last minute problems. Don't get trapped in a "too close" closing.