You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: not learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.

1. Searching for houses without getting pre-approved by a lender:

It is important early on in the home buying process to schedule an appointment with your Mortgage Broker or Banker. Your Mortgage Broker or financial institution will discuss the various financing options available to you. They will require all of your financial details and then provide you with a mortgage amount and rate guarantee (in writing) for a certain period of time. Do not mistake pre-approval by a lender with pre-qualification, ensure that you go through the full pre-approval process.

2. Allowing “first impressions” to overly influence your decision:

The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work. Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions.

3. Failing to have the home inspected before you buy:

Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a licensed home inspector will help educate you on the property you intend to buy, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. I can suggest a number of reputable home inspectors for you to consider and will ensure the appropriate clause is entered into your contract.

4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:

Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs. Rest assured, as your realtor I will take the time to go through the contract with you to ensure you fully understand every component of the contract, and are comfortable in proceeding with your purchase.

5. Making an offer based on the asking price, not the market value:

When we view a house together, I will provide you with all the information necessary to gauge the market value of that home. This will help you in determining a fair price for the property and assist us in determining an offer strategy. Knowing what other similar homes sold for in the area, how long were they on the market, what the difference was between their asking and selling prices...all are important factors in determining whether the home you’re looking at under-priced, over-priced, or at fair market value. The seller receives a Comparative Market Analysis before deciding upon an asking price, so I make sure you have all the same information at your fingertips and that you're making your offer based on true market value, not asking price.

6. Failing to familiarize yourself with the neighbourhood before buying:

Do your homework and check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, parks, grocery stores, recreation centres close by? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.

7. Making only low ball offers:

Many buyers think that the best way to negotiate is to provide a very low offer and expect the seller to negotiate from that position. However, in reality, this strategy will usually result in the seller becoming inflexible, polarizing negotiations. Prior to making an offer, I work with my clients to formulate the best pricing strategy based on their financial position, the property they're interested in, and the current housing market conditions.

8. Rushing in to a purchase:

Buying a home is likely to be the biggest single financial transaction of your life. It can be a very exciting and emotional experience and one that you do not want to rush into. There are many steps involved in purchasing and it's important that you take your time and educate yourself on all aspects of home buying process. To help, I provide my clients with a Buyer's Road Map that touches base on what to expect as you work your way through the home buying journey. Doing your homework and not rushing into things is paramount in ensuring a smooth and problem free process.