Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture.  It is also an emotional period filled with difficult choices.  You want to ensure that the home you purchase meets your family’s needs now, as well as in the future.

The points listed here are designed to help you become a savvier buyer, by noting some of the pitfalls to avoid in the home-buying process.  Included are points such as deciding what you want before you begin shopping, taking your time to shop, selecting the right realtor and lender, and remaining objective while viewing potential homes.  Using this information will help you find your ideal home.

- Develop A List
Before shopping for a home develop a list of your needs vs. wants.  Begin with the items you really need like adequate space, garage and number of bedrooms.  Consider your basic needs first.  Now consider additional desires and luxury items, and then decide if you can manage these benefits financially.

Take this list with you when looking at homes, you’re less likely to get caught up in the excitement of home shopping, and will be more focused on finding what you need and can afford.

- Get Pre-Approved
It is now almost impossible to buy using mortgages as most sellers wont even consider the offer. Speak with your financial or lending institution prior to buying a home.  Your lender can get you pre-approved for a loan prior to actually making an offer.  By reviewing your needs and objectives with a loan officer, you can decide on the right loan program, know how much you feel comfortable spending and how much your monthly payment will be.  Most importantly, an approval letter will tell sellers that you are a serious prospect. 

- Select Your Team
Buying a home is a complex process; from choosing the right mortgage, finding a home inspector and viewing available properties, there are numerous steps involved even for the most experienced buyer.  Adding a professional buyer’s agent to your team will provide access to these services and many more.  A good agent has the knowledge and experience developed from many years of helping buyers and sellers. 

- Communicate
Spending time with your buyer’s will reap huge dividends. if you are doing it yourself make sure everyone moving with you is involved in the process.  Communicating a clear picture of the type of home you’re looking for will have your agent closer to finding the perfect home for you.  You will not waste time looking at homes that do not meet your criteria.

- Location
A home is not a stand-alone item.  The value of a home is greatly affected by the surrounding homes and neighborhood.  The desirability and resale value of your home depends greatly on location, more than any other factor.  Most people want a desirable community that includes, quality schools, quality shopping centres, an easy commute, access to major transportation areas, recreational facilities, etc. 

Other factors that affect the property value of a home include traffic, sounds and smells .  Remember to be objective and don’t rely too heavily on your emotions.  Make sure that you are completely satisfied with the neighborhood and community.

- Register for Online Property Matching
A comprehensive database of available homes is one of strongest assets.  With the aid of computerised systems, you can be notified immediately when a property becoming available.  

- Watch For “Red Flags”
When evaluating a home, be sure you know the difference between acceptable and unacceptable problems.  Cosmetic items like peeling paint, unattractive wallpaper and worn flooring can easily be remedied.  These can also be used as negotiating items, as there could be costs involved in updating the home.

However, major problems are “red flags”.  Watch for items such as major foundation cracks, water damage, outdated electrical systems and inadequate plumbing. 

- Get A Home Survey
A professional home survey will cover all areas of the house including the foundation, electrical, plumbing, heating, floors, walls, ceilings, roof, siding, porches, patios, decks, garage and drainage.  The inspector will give you an objective view of the property, with a written report, indicating the present condition and items that will need repair.

- Be Cautious With Run Down Properties
Prior to purchasing a dilapidated property, carefully consider the condition of the home and all the repairs that need to be made.  On occasion, a dilapidated property can be purchased below market value, and after sufficient repairs have been made, to bring it to a good sale condition, you realise a profit.  However, not all run down properties will bring in the profits you might expect.  It depends on the price of the home, the type and amount of repairs needed and the market conditions at the time of sale.

- Consider Future Needs
Review your current lifestyle and plans for the future.  If your future plans call for a larger home than you presently need, it may be easier and less expensive to purchase a home that can meet those future needs now, rather than having to move to a larger home in the future.

- Proceed Quickly
The best properties usually sell fast, so when you sure of a property and are ready to buy, move quickly.Â
- Investigate The Seller’s Situation
The seller’s reasons for moving could work to your advantage during negotiations.  For example, a seller who has been transferred to another city may be more motivated to sell than someone who is still shopping for a new home.  A vacant house or a house that has been on the market for several months and reduced in price could also be indications of a motivated seller.
- Exercise Your Negotiating Skills
Even if you prefer not to haggle over the price, it can be worth it, especially when it is your home and your future.  Most sellers expect to negotiate over price.  That is often why the listing price is often set a bit higher than the actual sales price.  If you want to get the best home for the least amount of money, you need to negotiate.

- Avoid Bidding Wars
Occasionally, the estate agent may use tactics to rush the sale or increase the price.  If there is another buyer or some other reason that pressure is being applied, whoever wins the bidding war may also lose because they end up overpaying.
- Hidden Costs
There are many fees associated with buying a home.  As a buyer, you may be responsible for items including insurance, legal fees, inspection fees, transfer taxes etc

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