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AVOID THE 10 COSTLIEST MISTAKES BUYERS MAKE

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Buying a home is one of the biggest financial decisions you’ll ever make. Avoid these common buyer mistakes to protect your investment, reduce stress, and ensure a smooth transaction from start to finish.
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Protect Yourself From Common Buyer Pitfalls

Even experienced buyers can fall into costly traps during the home-buying process. Understanding these mistakes ahead of time can save you thousands of dollars — and help you move confidently into your new home.

“Smart buyers avoid surprises, and plan ahead.”

10 Critical Mistakes to Avoid

Learn from others’ costly errors
1
Not Getting Properly Pre-Approved

Many lenders provide only basic pre-approvals that do not include a full credit review. Without a proper assessment, buyers may discover too late that they are shopping outside their true price range.

2
Skipping a Professional Home Inspection

Trying to save money by asking a friend to inspect the home can backfire. A qualified inspector is essential and an unqualified person could be liable for damages or incorrect guidance.

3
Failing to Budget for Closing Costs

Many buyers forget to account for lawyer fees, land transfer tax, appraisals, and other closing expenses. Not planning ahead can result in a financial shortfall that may cause the deal to collapse.

4
Using an Out-of-Town Agent

Agents unfamiliar with the local market may miss critical environmental, neighbourhood, or socio-economic issues problems you may only discover after moving in.

5
Taking on New Debt Before Closing

Buying furniture, financing appliances, or leasing a car before closing can alter your debt ratios. If the lender re-checks your credit and finds higher debt, your mortgage could be denied — with legal consequences.

6
Ignoring the Importance of Location

A beautiful home in the wrong neighborhood can lose value over time. Don’t let great renovations distract you from researching the area’s schools, crime rates, transit, and future development.

7
Failing to Research the Property’s History

Look into previous sales, potential criminal activity, stigmatized property issues (such as deaths or suicides), and other red flags. Technology makes this information more accessible than ever.

8
Not Understanding RRSP Down Payment Rules

RRSP funds must be held for 90 days before they can be withdrawn under the Home Buyers’ Plan. Missing this detail or not saving enough, can increase costs or delay your purchase.

9
Not Researching Your Real Estate Agent

Not all agents operate full-time or have the required tools and negotiation experience. Look them up online or search the RECO website to confirm their credibility.

10
Neglecting to Vet Your Agent Thoroughly

Ask questions upfront. A committed, full-time agent will provide expert guidance, strong negotiation, and professional service. Verify reviews, credentials, and transaction history before deciding.

Avoid Costly Mistakes – Start With the Right Guidance

Whether you’re a first-time buyer or seasoned investor, we’ll help you navigate the buying process with confidence and avoid expensive setbacks.
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