After a lot of time spent with our buyers looking at Calgary real estate we have pinpointed the 3 most common mistakes most make. Whether it is a first time home buyer, investor, empty-nester or any other buyer; we noticed a trend. Here are the top mistakes buyers make.
Thinking it is forever – believing you will live in your home for a long time. A lot of buyers think this but the statistic is that most people live in their home for 5-7 years. Calgary is on the lower end of that, 5 years. So when you are looking at properties try to only think 5 years ahead at most. You will probably grow out of the home, get transferred, change schools or a million other things that will get you to move.
Trying To Find The Perfect Home – let’s just throw our cards on the table. There is no perfect home and there never will be. Even people with millions of dollars and almost unlimited time that build their home do not have it perfect. The best you can do is the 80/20 rule. 80% of the house will be exactly what you want and 20% will not be. The compromise; it is essential or you will NEVER find a home to live in. Be open, compromise and you will have fun.
Not Knowing When To Pull The Trigger – This is a very common occurrence with first time home buyers but does happen to all buyers. What do we mean by “pulling the trigger”? Some buyers see many, many houses and never put in an offer. This can happen for 2 reasons. The first is that they are scared to buy a home with a large mortgage. The second is that they think there is always a better home ahead. Most buyers see 10-20 homes and buy one. If you are over this limit, try to be honest and see why. It is better to buy a home then rent. It is better to buy a home then wait a year or more and miss out on the equity and pay down of the loan. Don’t be frightened, use the 80/20 rule and you will find the right home for you in no time.
That is it. When looking for Calgary property try to think of these common mistakes BEFORE you do out with an agent. They will save you a lot of headache and make the experience more fun for everyone involved.