Castanet.net - Real Estate - Mark Jennings-Bates

There’s a lot to consider when buying a home. (Photo: Flickr user, 23065375)

A 'don't list' for homebuyers

by Contributed - Story: 40329
Jul 3, 2008 / 5:00 am

There’s a lot to consider when buying a home and especially in today’s changing market conditions. As your local real estate sales professional will tell you, many markets across Canada are beginning to moderate and become more favourable to buyers. So while you’re considering a possible home purchase, here’s a Homebuyer “Don’t” list that may help you avoid some common mistakes:

The “DON’T” List for Prospective Homebuyers:

DON’T fall in love with the first house or neighbourhood you see. That majestic tuscan themed home with the picturesque view may win your heart at first glance, but you need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out that the urban rancher that’s closer for your commute is a better bet all-around.

DON’T buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude, especially when it comes to your first home purchase. You "want it all" when it comes to size, amenities and location, but remember that your eyes may have a larger appetite than your wallet. Make sure the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign an offer.

DON’T treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment to appreciate as quickly as you’d hope for your high-risk bonds. Buying for lifestyle, and remembering that real estate is a great long-term investment, will help you look at home purchasing and ownership in the right context.

DON’T jump into a confusing mortgage. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. For instance, an attractive rate now may be difficult to carry if rates change during the term of your mortgage. Arm yourself with information and don’t be afraid to ask questions.

DON’T underestimate the value of your local real estate professional. While being a savvy buyer and doing your homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal.

If you’d like to know more about our Homebuyer “Do” and “Don’t” lists, or if you have any questions about the market or the home buying process, then just pick up the phone and contact us today. It might just be the best call you’ll ever make!

top of page

About the author...

Mark Jennings-Bates has been actively been involved in the resort development industry and real estate investment industry since the early 1990's in Canmore, Alberta and the Okanagan. He was the publisher of the Canadian Rockies Resort Forecast which provided insight into trends in the resort development industry in the late 1990's.

He now sits on the Board of Directors of several companies and operates a resort development consulting company, BLC Group North America Ltd. with business partner Andy Harris as well as working as a Real Estate Representative with Coldwell Banker Horizon Realty in Kelowna.

Mark's goal with these articles is to provide insight into some of the development opportunities in the Okanagan and juxtapose it with other resort development activities in North America and around the globe. From time to time he will publish articles designed to assist you in evaluating investment opportunities in resort oriented real estate programs?

Mark is a realtor with Coldwell Banker Horizon Realty in Kelowna and can be contacted at 860-7500.

Visit Mark's website at:
http://www.bcresorthomes.com/
or click to email him.

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.

this page.
(Click for RSS instructions.)