For Buyers

Avoid these common home buying pitfalls

Buying a home can be stressful as prospective homeowners do their best to make a good decision in what will likely be the biggest financial decision of their lives. Here are common mistakes to avoid.

Your deposit is not readily accessible. Manage your banking before you fall in love with your home and don't forget to account for other funds you may need during the process.

You've removed the condition of financing. Pre-approval is not the same as acquiring a mortgage. When buyers omit the financing condition, problems can arise if the lender cancels or reduces the approved amount when the home is appraised at less than what you are paying.

You've waived the home inspection. Your dream home may be hiding a leaky roof, major foundation problems or an out-of-date electrical system.

Your new home adds pressure to buy new things. Don't overextend yourself until you are certain your needs are paid off.

Your sacrifices were more than you considered. Perhaps you didn't realize how much you enjoyed being able to walk to your favourite restaurants, shops or parks. Make a list of must-haves and try to visualize what your life would be like in the new property.