Cornwall homebuyers have seen a very different market over the last few years. There has been a large influx of families moving to the area, upgrading their homes and new developments. However, new buyers, by doing their homework and asking the appropriate questions, can locate a house that satisfies all of their needs and wants before making a competitive offer.
Keep in mind that the market is always changing and having an Agent will help you understand current trends and future projections for our area.
Common Mistakes to Avoid During House Hunting
We’ve worked with many homeowners over the years, here are the common mistakes we see people make when house hunting:
Not knowing what you can afford
Looking at places that are beyond your price range could result in you buying more than your income can handle. This will leave you having buyers remorse and becoming house poor. It is important to know your “must haves” and your “would like to have” items before shopping for your home. Do you need a garage? Can you live with just a carport? Make a list it will make shopping easier.
Not getting mortgage preapproval
Before making an offer on a house, or even before you start looking at houses seriously, make sure you are pre-approved for a loan. This makes your offer more powerful and will cut down on the time that you will need to get your financing clause waived. We all like to dream of that big home but what can we actually shop for?
Not using your own Agent
If you’re genuinely looking for a home, bring a real estate agent or broker with you when you attend an open house. Agents have an ethical obligation to behave in the best interests of both the seller and the buyer. However, you can see how working with a seller’s agent first rather than your own may not put you in the best position to negotiate.
Not paying attention to the neighbourhood
Don’t only concentrate on the house; take a look at the neighbourhood as well. Of course, it’s hard to accurately foresee the future of your preferred area but asking or studying this question now will spare you from unpleasant surprises later. Is the school in this area the one I would want for my children? Using an agent that knows the area you are shopping in will also make a big difference in knowledge of the street you are looking at.
Rushing to put in an offer or dragging your feet
If you find a house you like in a competitive market, you might need to submit an offer right away. You must, however, strike a balance between the urge to decide quickly and the need to make sure the house is the perfect one for you. Don’t sacrifice your process. If you want to do an inspection, then put that in your offer.
It might be devastating to miss out on a house because someone put in an offer without any inspection, but you must be true to your process. There will be other homes.
Questions to Ask During House Hunting
Our team at Assist-2-Sell and Buyers Realty Cornwall have experience and knowledge that will help you navigate the real estate market. Having a quick conversation about your needs will help us put together a plan for you, to make this a fun and smooth transaction.
How do I find a local agent?
Whether you are acquiring a home in Cornwall or somewhere else, buying real estate can be a difficult procedure that involves several legal documents, investigations, and negotiations. Finding an agent that is active in their community is important. They will see the things that an average buyer might not. That floor that might not be level, that furnace that seems old, or those cupboards that don’t quite close right.
Residents of Cornwall who work with local brokers get access to their expertise and perceptions of local price trends. You should take a minute and find that agent that works with you, the way you like to work. It’s a simple as giving us a call.
Clients are guided by buyer’s agents during the home-buying process. In addition to working hard to negotiate a good bargain, buyer’s agents can link clients to real estate lawyers, mortgage lenders, and any other specialists who may be required.
How much can I afford?
Figuring how much down payment you can afford to buy your Cornwall home can be easy. Cornwall residents can start looking for a lender, get pre-approved for a mortgage, and determine the price ranges available to them once they select a broker. Agents can also help you understand your options. Do you want to work with your bank, a broker, or private lender? There are many options that some buyers may not be aware of if they haven’t shopped for awhile or are a first-time homeowner.
Why is the home being sold?
Ask the real estate agent a lot of questions about the property and the reasons the owner is selling when you are viewing properties. Knowing a seller’s motivations might help you determine how amenable to negotiation they may be and what their timeline may be. Are the sellers, for instance, moving for job, buying a bigger house, or going through a contentious divorce?
Even though the listing agent might not reveal, any additional details you can find could be helpful when it comes time to negotiate an offer.
Interested in Buying a Home in Cornwall?
Purchasing a home requires effort, time, and money, of course. It doesn’t need to be difficult. It may be a pleasant and exciting experience to use a realtor and have a game plan in mind for your finances and the type of home you want to buy.
So, when it comes to purchasing a new home, take your time, avoid acting rashly, and ultimately make a choice that will benefit both your emotions and your financial situation.
Browse listings in your favourite neighbourhoods and see how much you can save with Assist 2 Sell Realtors and Buyers Realty. If you’re ready to start the process of buying a home in Cornwall, contact our team today.
