What are the Biggest Mistakes People Make When Buying a Vancouver Home

May 30, 2019 | Buying, Vancouver

1. Not having a Mortgage Pre-approval (or having an Incomplete Pre-approval):

If a buyer begins their home search without first obtaining pre-approval for a mortgage – or does so with an incomplete pre-approval – this can slow down the buying process or even prevent a sale. A pre-approval is incomplete when the lender failed to request every single document that would be needed for a complete approval. Ideally, all issues are identified and addressed during the pre-approval stage, so there are no surprises when the buyer is ready to purchase a home. An example of how not having a pre-approval may impact the buying process: the buyer finds and falls in love with a home, submits an offers subject to financing, the offer is accepted, and then during the subject removal period learns they cannot obtain financing. Not only is it time and effort wasted, but buyers often grow attached to the home during this period so it will likely be emotionally trying as well.


2. Having a Lack of Vision or being Too Easily Fooled:

Vancouver buyers are often quickly turned off by a space because it shows poorly, is poorly decorated, or may need some relatively easy and inexpensive updates. This is due to a lack of vision, which is not uncommon among those inexperienced with real estate. It is unfortunate as these buyers may miss out on what could end up being a great purchase, and possibly turn into their dream home. Conversely, buyers are often fooled by effective staging or inexpensive but savvy updates. They love the space and may be willing to pay more simply because they perceive it to look more polished or newer than it is when in reality the home has simply been dressed up. An experienced Realtor can help show you a vision of how a property can be improved to suit you and your family.

3. The Grass is always Greener:

Many buyers may pass on excellent purchases because they believe they will find something better or think they might be able to find something perfect if they just look long enough. This often results in eventually settling simply due to exhaustion or due to a change in circumstances that result in them needing to buy a property fairly quickly. These buyers may have passed on a property that was a better purchase for them, because they were searching for something that did not exist in their price range. Having a licensed Realtor set your expectations is invaluable in avoiding this scenario.

If you are considering buying a home, contact a mortgage broker or a lending institution right away to initiate the mortgage pre-approval process and seek out a knowledgeable licensed Realtor that can guide you through the searching and buying process and will ensure you make the smartest purchase possible.

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