Top 5 Common Home-Buying Mistakes to Avoid

Top 5 Common Home-Buying Mistakes to Avoid

Finding the perfect luxury dwelling can be an exhilarating process. When buyers are sure they've found "the one" and then receive confirmation of their offer, the feelings of joy and excitement they experience only serve to highlight the beginning of a new chapter. For some, their next chapter means moving up to a bigger, more impressive permanent residence. For others, closing the deal means they now own a fabulous weekend getaway place.

Either way, a successful outcome is more likely when people take a mindful approach to the entire home-buying process. With some planning and a commitment to remain focused on a realistic budget, buyers will be more likely to eventually locate a property that aligns with, or perhaps even exceeds, their original goals.

As you prepare to go through this important real estate process, keep in mind the following five pitfalls that have the potential to lead to less-than-satisfying results:

1. Not selecting the ideal neighborhood

It's easy to fall in love with a property, especially if it's beautiful from top to bottom and seems to have every amenity you desire. However, even a stunning abode may not satisfy the first rule of home buying. The number one rule in shopping for a house is to select one that resides in the right location. This is because you can change almost anything about a structure and its outdoor surroundings, except its location.

At least initially, overlooking a property's location because you succumbed to the charms of an amazing house may not cause issues. However, the seemingly minor inconvenience of being far away from the amenities you consider essential may eventually turn into a larger issue. Over time, those small inconveniences can turn into daily annoyances, ultimately diminishing the contented feeling you hoped to experience after taking ownership of your dream house.

What's the solution to avoiding regret? Take some time to envision your dream of the perfect residence. As you consider its "must-have" features, be sure to include the ideal neighborhood in your vision. Is your dream estate situated next to a golf course? Do you want to be within walking distance of great restaurants and shopping? Or perhaps your vision of the perfect dwelling is one that offers plenty of privacy, where you can relax and get away from it all.

The right neighborhood is the one that fits your idea of paradise. It supports all aspects of your lifestyle, both within and outside the home.

2. Settling for the wrong luxury features

High-end homesteads typically come with upscale features and amenities. When viewing these extraordinary properties, it's not uncommon to become dazzled by the array of incredible features. Of course, a home's price will reflect the inclusion of such luxuries, which may or may not add value to your lifestyle.

For example, as much as you may admire a phenomenal outdoor entertainment space, if your busy schedule allows little time for entertaining, you'll receive little value from owning the space. Conversely, if you find a place with a top-of-the-line wine cellar that's perfect for housing your extensive wine collection, then paying for such a space makes perfect sense.

3. Overextending financially

Sometimes people find what seems to be the ideal property, yet there's one key obstacle in the way. The sales price is simply out of reach, and the seller's willingness to negotiate further is limited. In these situations, it might be tempting to try to perform some financial gymnastics to make the price fit inside your budget.

In truth, it may be one of the bigger disappointments you'll experience during your search when you decide not to move ahead with another offer. However, the disappointment you'll feel will likely be much less than the stress and anxiety you'll experience if you overextend your finances to acquire the property. Many new owners have encountered unexpected expenses shortly after moving into a new residence. Instead of relaxing and enjoying their new situation, they feel the pain of a tight budget for several months or more after closing.

4. Focusing only on the house

Many people think they've found their perfect dream house if its interior seems to have everything they're looking for in terms of size, amenities, and decor. During a walk-through, they become caught up in its fabulous spaces and tasteful interior design, so much so that they don't realize they only gave a cursory glance to the property's exterior.

Of course, a good housing inspector can evaluate the property's interior and exterior to help buyers understand potential issues well. However, even though it's a joy to gaze upon a well-manicured lawn, elaborate grounds typically equate to high monthly maintenance expenses. To have a realistic idea of what it will take to maintain the exterior features of a property, it's a good idea to request information from the seller regarding how much they spend on landscaping maintenance and other expenses, such as snow removal.

5. Being unwilling to compromise

Locating the ideal dwelling will likely be smoother if the buyer is willing to maintain a flexible attitude. Being very rigid and unwilling to compromise means a buyer may overlook some beautiful homes that only require a small amount of modification before they'll easily fit someone's vision of perfection.

While it's impossible to change a house's location, its interior can change quite dramatically if necessary. To a certain extent, so can the exterior of a house as well. You can always update landscaping to today's decor standards, and if there's enough room, certain structures, such as a state-of-the-art garage, an outdoor spa, or a professional outdoor kitchen, are fairly easy to add.

Let us help you fulfill your vision

The premier Calgary real estate agents at McKelvie Group work with some of the most stunning properties in Canada. Whether you're a first-time home buyer or have gone through several real estate closings throughout the years, our professional staff is ready to assist you in finding the ultimate luxury estate.

We can help you determine the "must-have" features you require, and we can provide expert guidance as you define a reasonable budget that supports your financial goals. Next, we'll help locate some of the most beautiful properties in the country. When you're ready to make your final selection, one of our professional realtors will skillfully guide you through negotiating and closing.

Are you ready to embark on your next real estate adventure? We'd love to hear from you! To begin your search for your next dream home, please contact us today for a private consultation.

*Header photo courtesy of Shutterstock

Work With Us

We pride ourselves in providing personalized solutions that bring our clients closer to their dream properties and enhance their long-term wealth.