Top 5 Real Estate Purchase Mistakes

Posted December 19th, 2011 in News by admin

Ontario Real Estate AssociationA panel from the Ontario Real Estate Association, which represents some 50,000 brokers and salespeople from 42 real estate boards throughout the province, has released a list of the 5 most common mistakes buyers make in the real estate market.

The first mistake, according to Barbara Sukkau, president of OREA, is that buyers often don’t know their limit. “Many people don’t know that there’s an easy way to calculate how much house they can afford to determine, regardless of competing bids, what lifestyle they want to maintain within the market,” says Sukkau. “In addition to the cost of the home, potential buyers should consider the land transfer tax, closing costs, moving costs and leave room for any unforeseen extras.” Similarly, one should also avoid the mistake of not getting pre-approved when making a bid on a home or piece of real estate.

Another common mistake is buyers who don’t know their must-haves or deal breakers in looking for property. According to Tom Lebour, an OREA board member working out of Mississauga, clients often get too excited about other advantages and forget what their dealbreakers are. A beautiful deck with a spectacular view might overshadow the requirement of having certain things within walking distance, for instance.

The fifth and last common mistake is letting emotions get involved in the negotiation process. Often when dealing with real estate and homes people assign a great deal of value to their property due to cherished memories, but it’s important to keep your emotions in check.  For the original article on the OREA Blog click here.

About the Ontario Real Estate Association

The Ontario Real Estate Association represents 50,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services.

The real estate panel members provided input on common home buying and selling mistakes over email from November 8 to November 22. The panel consisted of nine OREA board spokespeople including representation from St. Catharines, Timmins, King City, Barrie, Oakville, Belle River, Mississauga, London and Ottawa.

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