Underestimating the costs

This is actually the most common mistake, because the purchase price is typically so high, you can’t possibly be asked to pay anything else right? WRONG! The costs of transferring property, establishing a mortgage, moving and refurbishing to make your new house truly a home can be a pretty penny. These are matters to definitely bear in mind.

Not Getting professional advice

Although not absolutely necessary, it’s worth your while and sometimes actually saves costs to hire a lawyer and/or realtor from the get go. These people are experts, so you will have to reimburse them accordingly but who wants to be stuck with a bargain they didn’t intend to make, especially when the subject matter of the bargain is property? Enough said.

Jumping the gun

In all their excitement to become home owners, many start searching before actually securing their finances. If you need a loan your first priority is to establish what you need the loan for, whether it’s for the down payment, purchase price and/or ancillary fees. It’s also useful to note that if your credit score is excellent and you can get a lot of money, resist the urge to take a larger sum than you will probably need.

Poorly Negotiating the Mortgage

The most popular mortgage product requires 30 year fixed-rate payments. However, if your purchase isn’t your dream home or you have other reasons for being absolutely sure from the outset that this will not be your last home, then consider negotiating a better deal that’s more suited to you as an individual.

When in doubt, ask questions after all who says the experience that teaches wisdom can’t come from a friend? Good luck!