5 Costly Mistakes Home Buyers Make

1. Not knowing what you can afford before making an offer.

The best way to avoid this is to get pre-approved for a mortgage so you know exactly how much you can afford. Usually pre-approvals are free.

Use our home buyer calculator to find out what type of house you can afford in Ottawa.

2. Not knowing who the agent represents.

Unless an agent is working as your buyer representative, they represent the seller. Many people don’t realize this.

On the hunt for more home buying advice? Give these other blog posts a read!

3. Choosing the wrong mortgage.

A bad choice can cost you thousands in taxes and interest. You should consult a mortgage agent and ask them to spell out the total cost of borrowing for each option. Also important to know the penalties you have to pay if you break the mortgage early. This will enable you to make an informed decision that lines up with your purchase goals.

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4. Not finding problems with the home before buying it.

You should always have a certified home inspector look at the home before buying it; otherwise, you could be looking at huge repair costs later on.

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5. Not understanding how their credit can impact their ability to purchase or refinance a home.

Your credit score can mean the difference between qualifying or being rejected by a lender. If you have a low credit score, it does not have to be forever! Consult a mortgage agent/specialist to find out how you can improve your credit score.

Buy With the Pelletier Team

Ottawa’s real estate landscape is standalone. In order to find the right home and community for your family, working with an experienced local real estate agent is essential. That’s where we come in, the Pelletier Real Estate Team.

With decades of combined experience in Canada’s Capital, our team’s extensive local insight is your advantage. We elevate your buying journey through intelligent property sourcing techniques, data-backed negotiations, connections to reputable lenders, and more.