How to Avoid Making a Mistake Shopping for a Fort McMurray Real Estate
Don’t Pay the Maximum You Can Afford
If you save up for more the down payment of the home, you can afford a larger home or
will have a smaller mortgage. The bigger factor in your ability to afford the home is the
percentage of your income that goes toward the mortgage, insurance, heating and taxes.
Don’t sign up for the largest mortgage the lender will let you take out. You could end up
buying more home than you could comfortably afford, and end up putting all your money
into your home instead of saving for other goals or paying down other debt.
There are too many people who look at the current décor of the home and decide they
hate it. They can’t get past the ugly wall paper, bad color scheme or worn carpets to see
the positives of the house like the open floor plan, excellent location, great condition and
affordable price. To quote Dave Ramsey, there were clients who complained that they
didn’t like the 1970s shag rug, and he pointed out that for the price of the house below its
competitors, the home shopper could afford to buy the home and re-carpet not only this
house but every other one in the neighborhood.
Falling in Love with the Look and Ignoring the Core Issues
This is the opposite problem of lacking vision. Many people fall in love with cosmetic
enhancements to the home while ignoring cracks in the foundation or a laundry list of
repairs the property needs because it looks so cute. A bigger problem arises when
someone loves a home because of its location and look but overlook essential needs, such
as buying a small home when you plan on having more children.
Relying on the Seller’s Agent
The home seller’s real estate agent represents the home seller, not you. You need your
own Fort McMurray real estate agent to negotiate the best deal for you. You can save
money buy having your own real estate agent before you start touring properties. After
all, the seller’s agent directly benefits from the highest sale price possible, while a
buyer’s agent works for you.
You need a real estate agent’s assistance to put together a proper offer and review the
contract, at a minimum, but the real estate agent can be critical in navigating the home
purchasing process and even getting tours of properties before they disappear from the
Fort McMurray MLS.
Not Getting It In Writing
One mistake many home buyers make is not putting promises in writing. Whether it is a
promise to leave all appliances in the kitchen for the new home buyer or an agreement to
fix various items, get it in writing or else it doesn’t have to be done.
Putting Too Much In Writing
If you put too many caveats and escape clauses in your contract, home sellers may
choose to drop your contact and work with someone else who they see as more likely to
buy their home.
Work with your Fort McMurray real estate agent to put the essential “escape” clauses in
the contract, such as when the inspection finds serious structural problems or the cost of
repairs the home inspector identifies as necessary reach a certain percentage of the value
of the home.