10 Common Home Buying Mistakes

Prevent Common Home Buying Mistakes

The thrill of purchasing a home in the vibrant city of Edmonton, Alberta is an experience like no other. However, there are some common pitfalls that buyers often fall into, which can inhibit their journey to homeownership. In this quick guide, we have identified the most common mistakes made by home buyers in the Edmonton real estate market, providing you with ten easily digestible points to help navigate the process confidently and efficiently.

1. Not Reading the Contract Thoroughly: The excitement of buying a home can be incredibly overwhelming, often resulting in overlooked details or misunderstood terms within the contract. However, don't let your enthusiasm overshadow the legal aspects of the transaction. In Edmonton's competitive market, these overlooked details could lead to significant implications down the line. Take the time to thoroughly read the contract and seek clarification if needed.
2. Ignoring Zoning Laws and Municipality Plans for the Area: Zoning laws dictate what can and cannot be done in specific areas. They are particularly relevant in rapidly developing cities like Edmonton. Failure to investigate these laws could result in undesirable aspects such as living next to an industrial zone or limitations in your plans for property modifications, including establishing a home-based business.
3. Lack of Adequate Financing: One of the most prevalent mistakes potential homebuyers make is not securing financing before signing a contract. This shortfall could lead to losing a down payment or, in the worst-case scenario, a lawsuit if you fail to produce the funds in time. Get approval for a mortgage and have your finances in order before embarking on your house hunting journey in Edmonton.
4. Dealing with Squatters or Encroachment by Neighbours: Issues arising from improperly defined property lines or unnoticed resident squatters can lead to significant headaches in the future. A property line check and a clear understanding of who is currently using the property can eliminate potential complications after purchase.
5. Not Inspecting the Property: Hire a professional inspector to meticulously examine your potential new home. This step is vital to gaining a clear understanding of the property's condition and circumventing unforeseen repair costs.
6. Failing to Consider Resale Value: Always keep the future in mind. While your dream home may seem perfect now, it's crucial to consider its potential resale value. Avoid investing in an overpriced property that might not maintain its value in the long run, particularly in Edmonton's fluctuating real estate market.
7. Not Collaborating with an Experienced REALTOR®: A seasoned Edmonton real estate agent can guide you through the intricacies of the local market and help you avoid the most common pitfalls. Their expertise and knowledge can prove invaluable in securing your dream home. That being said, understand the contract you are signing with your Realtor® and be sure to ask any and all questions you have.
8. Not Paying Attention to the Title: Issues or disputes regarding the property title can lead to substantial legal complications in the future. These could include unpaid taxes, liens, or easements that might be attached to the property. Always ensure the title is clear before making an offer.
9. Failure to Negotiate: Prices in Edmonton's real estate market are not always set in stone. Doing some research, understanding the market, and being open to negotiation can lead to a better deal. Always know your limits of negotiating, and what you have for a down payment.
10. Not Having a Back-up Plan: It's always essential to have a contingency plan or exit strategy if things don't go as planned during the buying process. This may include consideration for other properties or even delaying your purchase.

Remember, purchasing a home in Edmonton, Alberta, is a significant financial decision. It requires due diligence, careful planning, and research. However, by keeping these common mistakes top of mind and taking the necessary precautions, you can secure the home of your dreams without any unnecessary stress or setbacks.