Buying your first home is an exciting milestone, but it can also be overwhelming if you don’t know what to expect. Many first-time buyers make common mistakes that can cost them time, money, and unnecessary stress. The good news? These mistakes are avoidable!
Here are the top pitfalls to watch out for—and how to make sure you’re setting yourself up for success.
1. Not Getting Pre-Approved Before House Hunting
Many buyers start shopping for homes without first knowing how much they can afford. Getting pre-approved for a mortgage helps you:
✅ Know your budget
✅ Show sellers you’re serious
✅ Avoid disappointment if you fall in love with a home that’s out of reach
How to avoid it: Connect with a mortgage specialist early in the process. At our Home Buyers Event on March 13th, we’ll have Brendan MacPherson from Castle Mortgages sharing insider tips on mortgage approvals and financing options.
2. Not Understanding Closing Costs
It’s not just about the down payment! Many buyers forget to budget for closing costs, which typically range from 1.5% to 3.5% of the home’s purchase price. These include legal fees, land transfer taxes, home inspections, and more.
3. Skipping The Home Inspection
In a competitive market, some buyers are tempted to waive the home inspection to make their offer more appealing. But this can lead to expensive surprises down the road. A home inspection helps you uncover potential issues with the property before you buy.
How to avoid it: We’ll have Adam Clement, a professional home inspector from A Unique Task, at our Home Buyers Event to share what to look for in a home inspection and why it’s so important.
4. Making Emotional Decisions
Buying a home is exciting, but emotions can sometimes cloud judgment. Falling in love with a house and stretching your budget can lead to financial strain. It’s important to stay practical and stick to your budget.
How to avoid it: We’ll walk you through how to set realistic expectations and make smart decisions when buying your first home.
Join Us on March 13th for Our Free Home Buyers Event!
If you’re thinking about buying your first home, don’t do it alone! Our Home Buyers Event is designed to give you the knowledge and confidence to make informed decisions.
📍 When: March 13, 2025
📍 Where: Bronx Park Community Center
📍 Featuring: Mortgage specialists, financial experts, home inspectors, and The Penner Team
🎟 Free to attend! Plus, enjoy food from Cottage Bakery & win prizes!
👉 Reserve your spot today! https://www.eventbrite.ca/e/1244053159489?aff=oddtdtcreator
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