7 Ways to Sabotage the Home-Buying Process

The relationship created between a REALTOR® and their principle gets pretty cozy. Secret dreams are shared along with detailed financial information.

Even with the best efforts of the REALTOR® a homebuyer can get in the way of their own success.

This can happen when homebuyers are not prepared for the home-buying process, which at the best of times can be stressful and overwhelming.

Here are 7 ways to mess up and sabotage the home-buying process.

1. Ignore Pre-Financing with a Mortgage Broker

Buyers who ignore the pre-financing step of the home-buying process have no idea of the value of the investment they’re about to make and for a lot of people it’s the biggest investment of their life.

It’s time to get your head out of the sand!

Sure you can make a quick calculation using a mortgage calculator but there’s more to it than that.

Your mortgage broker will consider your income and debts (including credit cards, car payments and line(s) of credit), how much you’ve saved for a down payment and your interest rate, which your mortgage broker will negotiate for you.

Try and skip the pre-financing step and any experienced REALTOR® won’t even work with you – then who are you left to work with?

2. Looking at Homes Beyond Your Budget

Looking at homes outside of your pre-approved mortgage budget is a setup for disappointment.

Why torture yourself with what you can’t have?

Think about delaying your gratification in favour of living comfortably within your budget – then you’re not stressed out over payments you can’t really afford.

Once you’ve gained equity in your current home, set your sights on your future move up – the home with the big yard, extra bedroom, three-car garage and luxury master bedroom suite.

3. Couples Who Agree to Disagree

Tensions are mounting and disputes are bubbling to the surface between homebuyers.

They’re in disagreement about the features and benefits of the home they want to buy.

One half of the couple wants to be close to the school so the kids can walk everyday while the other half wants to be off-grid in the bush where the kids have to catch the bus at 7:45am for the one-hour drive to school. Not fun.

Figure out the details of your ideal living arrangement ahead of the house-hunting process and save yourself a headache.

Your REALTOR® can help you by asking the right questions before you start pounding the pavement.

4. Lack of Vision

Ever walk into a house and think “Oh, gosh! Look at all this stuff!”

It happens all the time.

Other people’s stuff can be a turn off and it’s hard for homebuyers to visualize how their own furniture and personal items will fit into the house.

Here are a couple of tricks see past the clutter.

Look at the finishing details of the home. Things like the countertops, flooring, appliances and moldings. Are they good quality and can they be spruced up easily with a through cleaning and some fresh paint?

The flow, layout and window placement are important, too.

Even if the couch is blocking the door to the kitchen and the kitty box is right next to the back door, the house may meet your requirements for features and benefits.

Don’t let a lack of vision send you packing past your potential dream home.

5. Searching for the “Perfect” Home

Sorry folks! The perfect home doesn’t exist.

I’ve worked with clients who couldn’t find the perfect home then decided to build it instead.

Although building your dream home can be a satisfying experience, I still hear post-build comments like, “Honey, we should have put the coat closet at the other end of the hallway,” or “Geez, I don’t know if 5 bathrooms are enough?”

Even the most expensive custom-built home can require changes and upgrades as tastes and styles evolve.

Budget for updates and renovations to avoid disappointment.

6. Sacrificing Future Value for a Short-Term Value

Don’t sacrifice your dream home over a few thousand dollars today that, amortized over the length of your investment, can net you more in future value tomorrow.

In a rising market, it may be worth it to pay a little more for the right home now with the features and benefits you desire.

If it’s a good buy and you plan to hold for the long term then perhaps it’s worth the investment. Ask your local REALTOR® for help.

7. Letting Fear Get in the Way of Your Dreams

Fear of spending your life savings. Fear of losing out to a higher bidder. Fear of not being able to sell your current home. Fear of making the right investment.

When you hesitate in a busy real estate market you risk losing out to the homebuyer who is well prepared and ready to leap in.

Prepare properly and set yourself up for success. You’ll be ready to step up to the plate and offer on the right house when it comes along.

Don’t let these 7 ways to sabotage the home-buying process grab a hold of you.

Talk with your local REALTOR® and mortgage broker and trust their advice. You’ll save time, money and come out on top.

What do you think?